The Green Climate Fund (GCF) and the Caribbean Development Bank (CDB) have signed a legal agreement to facilitate climate finance projects in the Caribbean.
The Accreditation Master Agreement (AMA) was signed on the sidelines of the GCF’s Caribbean Structured Dialogue which took place in Grenada earlier this month. The meeting brought together stakeholders to plan climate action and share best practices in resilience building across the Caribbean region.
“This Agreement will catalyse our efforts to mobilise much-needed funding to build climate resilience in the Bank’s Borrowing Member Countries”, said Monica La Bennett, Vice-President of Operations at the CDB. “We are looking forward to a productive partnership with GCF, having taken this very important step towards implementing innovative climate solutions in our region.”
AMAs are a central instrument between the GCF and its Accredited Entities, setting out basic terms and conditions for the use of GCF resources. They also provide the framework for bringing funding proposals forward.
The GCF considers the Caribbean to be one of the key priority regions for its funding activities, in part due to the need to built climate resilience in a region with a high exposure to climate impacts.
To date, the GCF Board has approved climate change adaption projects in several Caribbean countries, including Barbados, Grenada and Dominica.
