A recent announcement by the Climate Investment Funds (CIF) sees three African countries (Egypt, South Africa and Namibia) among the seven middle‑income nations selected to participate in a landmark US$1 billion Industry Decarbonisation Investment Programme. The seven countries that made the list are Brazil, Egypt, Mexico, Namibia, South Africa, Turkey and Uzbekistan. These countries were chosen from 26 applicants and will collaborate with investors to craft strategies aimed at reducing emissions in industrial sectors, which currently contribute around one‑third of global greenhouse gases, according to Reuters.
The initiative, backed by CIF’s US$9 billion Clean Technology Fund, offers exceptionally attractive financing options. The plan is that each dollar of CIF funding is expected to leverage about US$12 from development banks and private investors. Between 50% and 100% of the funds can be allocated to private‑sector-led projects, encouraging broad participation.
For the participating African nations—Egypt, Namibia and South Africa—the benefits extend far beyond environmental gains. The programme is set to inject significant funding into heavy industries such as cement, steel and chemicals, driving down emissions while stimulating economic growth. These investments are projected to create jobs, enhance competitiveness, and boost export capabilities by enhancing the production of low‑carbon industrial inputs essential for renewable energy developments.
In Egypt, CIF’s support will complement recent advances, including a US$600 million solar power plant project and a US$1 billion wind farm deal, which aim to boost the country’s renewable capacity to 42% by 2030. Meanwhile, South Africa benefits from both CIF’s programme and an EU‑backed Global Gateway fund worth €4.7 billion, targeting a just energy transition and manufacturing investment.
CIF chief, Tariye Gbadegesin, emphasised that this isn’t solely an emissions fight, but a move to “secure long‑term prosperity and the jobs of tomorrow”.