Funds flow in GCF’s first direct access project with Pacific IslandsSongdo,
The signing of the Funded Activity Agreement (FAA) allows GCF to transfer USD 296,730 to SPREP in the first tranche of the Fund’s contribution of nearly US 23 million to a USD 26.6 million adaptation project in Vanuatu, which topped the 2016 World Risk Report of natural hazards as the most vulnerable nation.
FAAs set the legal framework for GCF Accredited Entities to carry out GCF-approved climate projects. SPREP, approved by GCF as an Accredited Entity in 2015, focuses on climate change and environmental issues affecting Small Island Developing States (SIDS) in the Pacific.
This is the first FFA signed with a Pacific islands direct access Accredited Entity.