CRDB Bank pledges to back Samia’s clean cooking initiative

Dubai. CRDB Bank is happy with President Samia Suluhu Hassan’s African Women Clean Cooking Support Programme (AWCCSP) and has pledged to support the initiative.

The lender’s CEO, Mr Abdulmajid Nsekela, said the initiative had the potential of empowering women and girls across Africa.

“CRDB Bank is committed to supporting this initiative as we recognise the transformative power of clean cooking in liberating women and girls from traditional cooking methods,” he said here at the weekend.

Recently, CRDB Bank raised Sh171.82 billion through issuance of the first green bond in Sub-Saharan Africa.

While the funds are directed towards climate-friendly projects, including technologies for clean cooking energy. In addition, CRDB Bank allocated over Sh800 billion last year to finance the energy sector.

Through its CRDB Malkia, which enables women to access financing from CRDB Bank, the lender has already loaned over Sh600 billion.

The managing director for CRDB Bank Foundation, Ms Tully Mwambapa, said the AWCCSP was in line with the Foundation’s goals, including its Imbeju programme which seeks to boost financing of startups with innovative solutions for societal impact.

“Clean cooking and women’s financing will be at the forefront of our efforts,” Ms Mwambapa stated.

In four months of operations, CRDB Bank Foundation has reached over 100,000 women and 709 youth startups where seed capital of Sh5 billion has been issued to women and youth working in all sectors.

The African Women Clean Cooking Support Programme, launched by President Samia at COP28, is a three-year initiative aimed at addressing critical gender, environmental, health, and economic challenges faced by women and girls in Africa due to traditional cooking methods. The program’s objectives include promoting clean cooking technologies, empowering women economically, enhancing women’s representation in leadership, and fostering regional cooperation.

The estimated funding required for AWCCSP is $2 billion per year, with a focus on securing support from governments, private sector partnerships, philanthropic foundations, and donations. The program aims to transform the lives of African women and girls, promoting clean cooking technologies, economic empowerment, and environmental sustainability.