Sustainable property development and green building in Africa will benefit from the assistance of the World Bank Group’s private funding sector, to help reduce energy and water consumption.
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, will provide technical expertise for African governments to develop incentives that will encourage the private sector to construct green buildings.
IFC’s aim for real estate developers in Africa is to ensure sustainable green building practices to combat climate change, according to Dennis Odenyi Quansah, Consultant for Excellence in Design for Greater Efficiencies Africa Implementation at IFC.
IFC expressed its future views during the fifth annual East Africa Property Investment Summit in Nairobi, Nigeria.
The two-day conference brought together over 500 delegates, 150 expert speakers and 20 exhibitors to review issues affecting the East African real estate market.
The event provided a platform for discussions around development, private equity, finance and economics, with insights from some of the best minds in the real estate investment sector.
The IFC noted that buildings are a significant contributor of greenhouse gas emissions and hence green buildings could play an important role in fighting climate change.
While green buildings tend to have high upfront costs, they have enormous savings over the long term.
The IFC is keen to increase green building technology in Africa, as the continent is expected to experience rapid urbanisation in the future. “If Africa embraces a green development path, it will be able to secure greenhouse gas emission cuts even as it achieves its economic growth.”
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