Environmental fund attracts international recognition from City of Karlsruhe
A German city has just recognised the achievements of a local environmental investor, awarding the latter for its success in financing a range of green projects and interventions at community level.
The chief executive of the European Organisation for Sustainable Development (EOSD), Arshad Rab announced last week that the Environmental Investment Fund of Namibia will shortly receive a Certificate of Merit from the German city Karlsruhe for outstanding sustainable project financing.
The Karlsruhe Sustainable Finance Awards honour financial institutions or ancillary organisations and their leaders who make significant contributions to the field of sustainable banking and finance.
The Environmental Investment Fund of Namibia announced that it will shortly receive a Certificate of Merit from the German city Karlsruhe for outstanding sustainable project financing
The award recognises the Environmental Investment Fund’s achievement in placing a number of long-term green financing projects in place in a relatively short period of time. In the category ‘Climate Change Resilient Livelihoods’, the fund is noted for its funding of projects that benefit local communities, protect the environment and promote sustainable development.
The fund was established as a conduit to mobilise the vast amounts of international financing available for green development. It employs a range of financial instruments comprising grants, loans and credit guarantee schemes. The fund provides a dependable source of financing for programmes and actions, both private and public, that support a green future.
To date, the fund has mobilized more than N$1.2 billion as a combination of multilateral funding and financing from development finance institutions. For instance, the Green Climate Fund has supported financially the Environmental Investment Fund with an amount of N$560 million in grants for climate change adaptations.
Another large benefactor, the French Development Agency has made available N$800 million through its Sustainable Utilization of Natural Resources and Energy financing programme, specifically for forward financing of renewable energy infrastructure. The fund said so far some 238,000 Namibians have benefitted from its activities.