Benin is among the first four countries covered by a $690 million climate-finance facility launched in Seoul on Friday, October 30, 2026, by Africa Finance Corporation (AFC) and the Green Climate Fund (GCF). Angola, Côte d’Ivoire and Nigeria are also included in the initial phase, which is designed to combine lending and technical support for public investment in clean energy, water and climate-resilient infrastructure.
Known as the Africa Sovereign Climate Facility (ASCF), the programme brings together concessional GCF funding and commercial capital mobilised by AFC. The four countries’ finance ministries will channel loans to eligible investments, while technical assistance will help prepare projects and incorporate climate priorities into fiscal planning.
AFC plans to arrange and fully fund a parallel commercial facility of up to $260 million, with maturities of up to ten years. This financing will complement concessional resources for investments in power networks, renewable energy, water supply and infrastructure designed to withstand climate-related shocks.
Nearly $275 million from the Green Climate Fund
GCF’s board approved the programme on October 28 under project reference FP313. Its project record puts the total value at approximately $675 million, comprising close to $275 million in GCF financing and $400 million in co-financing. AFC’s announcement two days later describes the facility as a $690 million initiative.
GCF’s contribution consists of roughly $255.3 million in loans and $19.6 million in grants, with the grants intended in part to support technical assistance. The four governments will use the facility to prepare and seek financing for investments in energy services, food systems, water and resilient public infrastructure.