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Board to consider committing USD 788 million in project proposals and recruiting a new Executive Director at B.14 meeting

Songdo,
The fourteenth meeting of the GCF Board commences today at the Fund’s headquarters in Songdo.

Over the next three days, the 24 members of the Board will consider ten new project proposals. The project and programme proposals have a total project value of more than USD 2.7 billion, with requests for GCF funding totaling USD 787.8 million.

The Board will also work to select a new Executive Director of the GCF Secretariat.

The meeting takes place shortly after the Fund made an initial disbursement of USD 5 million to the Acumen Fund, one of the 33 entities that have been accredited to GCF to date. This was a capital contribution to establish the KawiSawi Ventures Fund in East Africa, marking it the first GCF project to receive a disbursement. The funds will be used to make investments in solar energy solutions in Rwanda and Kenya.