Local institutions’ readiness tested to become onlending channels for climate change funding
An inception meeting was recently held in Windhoek with targeted local institutions, to determine their readiness to receive funding directly from the Green Climate Fund, and then to act as onlending agents for climate projects. The meeting was facilitated by the Environmental Investment Fund of Namibia.
Under the Readiness and Preparatory support programme of the Green Climate Fund, the Agricultural Bank of Namibia (Agribank), the Development Bank of Namibia (DBN), Bank Windhoek, and the Namibia Nature Foundation, were identified as potential partners to receive funds directly from the Green Climate Fund.
The Green Climate Fund has availed just over US$326,500 to support the programme to determine the readiness of the targeted local institutions.
At the inception meeting, NAM-RS-006, the four local institutions were briefed on implementation arrangements, the programme objectives, the intended activities, and governance standards. The meeting served as a platform for the local institutions to provide their own assessments of the funding approach, and to strengthen institutional coordination between the four institutions and the Environmental Investment Fund.
By boosting capacity at local institutions they can be accredited as Direct Access Entities that deal directly with the Green Climate Fund. Not only does this deepen country ownership, it also enhances the climate funding ecosystem. The four identified local institutions will act as funding channels with the Ministry of Environment, Forestry and Tourism assuming responsibility as Delivery Partner.
The four are at varying stages of readiness due to different institutional capacity.
Once accredited, the financial institutions will make funding available to their clients for climate change projects while the Namibia Nature Foundation would fund projects that improve the management of ecosystems.
The inception meeting was attended by government officials, representatives of the Environmental Investment Fund and officials of the nominated institutions. The meeting covered administrative, operational and statutory requirements for local institutions to be accredited as Direct Access Entities in the ambit of the Green Climate Fund.
More information is available at https://www4.unfccc.int/sites/NAPC/Support/Pages/GCF.aspx