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    Thursday, December 28, 2023

    COP28: Development Bank Wins $400,000 Award

    The Development Bank of Nigeria has won the 2022 Arab Gulf Programme for Development Prince Talal International Prize for Human Development, for its work on ‘Sustainable Development Goal 8 Decent Work and Economic Growth’.

    A statement disclosed that the bank emerged winner of the first category having competed with over 100 projects within the same category, carting away the grand prize of $400,000.

    It noted that applicants for this award demonstrated how their operations and activities had promoted decent work and enabled economic growth within their community, which aligned with the Sustainable Development Goal 8 that all 191 UN member states had agreed to achieve by the year 2030.

    Speaking at the award ceremony on the sideline of the just concluded COP28 in Dubai, the Managing Director, and Chief Executive Officer of DBN, Dr Tony Okpanachi, attributed the award to the bank’s unwavering commitment to the global drive on green and sustainability.

    Okpanachi said, “At DBN, we are excited about this grant, because it aligns with the agenda and aspirations of the bank to become the primary development finance institution promoting growth through MSME finance and accelerating sustainable socio-economic development in technology, agriculture, health, education and job creation in Nigeria.

    “I also want to use this medium to appreciate the organisers of the AGFUND’s Prince Talal International Prize and our international partners for considering us worthy of this prize.

    “The funds will go a long way to fill identified financing gaps in the MSME segment and develop capacity for ideation, development, financing, and management of impactful, viable, and financially sustainable green projects.”

    Meanwhile, on Green Financing in Nigeria, Okpanachi maintained that Nigeria required about $122bn from now till 2030, to develop the green sector and attain the Sustainable Development Goals.

    “There has been a significant effort in raising the required finance and gestures like this will help bridge the funding gap needed to achieve sustainable investment in Nigeria and DBN is at the forefront in driving this investment,” Okpanachi added.

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