GCF Board drives doubling of investments in Central Asia under regional model

The Green Climate Fund (GCF) Board has approved two new projects for Central Asia, driving GCF-led investment in the region to more than double the level since the roll-out of a regional structure less than two years ago.

At its first-ever meeting in Central Asia – in Dushanbe, Tajikistan – the Board greenlit investments to strengthen the climate resilience of vulnerable communities in Tajikistan and water security in Tajikistan and the Kyrgyz Republic.

The move to a regional structure is part of GCF’s wider reforms to increase access to climate finance, particularly to under-served regions, such as Central Asia.

Including the Board approvals made this week, GCF-led investments in Central Asia have more than doubled; from USD 1.87 billion to USD 4.43 billion, including co-financing. This clearly illustrates the catalytic impact of GCF’s direct investment of USD 844 million in the region, attracting additional finance.

Overall, the Board approved USD 369.1 million in new climate finance for developing countries across 10 projects. When co-financing is included, the portfolio has a total value of USD 700.6 million.

The new projects invest in adaptation, resilience, and sustainable land management across Africa, Asia, the Pacific, and the Middle East. The new portfolio includes milestone GCF-funded projects in the Central African Republic and Syria.

The first GCF project in Syria will deliver water-security support to communities facing acute climate-driven scarcity. And GCF’s first standalone, single-country GCF investment in the Central African Republic will channel USD 69.1 million to strengthen climate-resilient water, sanitation and disaster management for the country's most vulnerable children.

Six of the 10 projects were approved within GCF's nine-month concept note-to-Board-ready review target, demonstrating continued momentum on the Efficient GCF reform initiative. All 10 projects are adaptation-focused or include elements of adaptation. The proportion of adaptation funding to Least Developed Countries, Small Island Developing States, and Africa was 65 per cent in grant-equivalent terms.

The Board also approved nine new accreditation applicants, six of them Direct Access Entities (DAEs) — including Banco de Desarrollo del Ecuador B.P. (BDE), which will become Ecuador’s first national Direct Access Entity.

A Reform Journey Report was shared with the Board, providing an overview of the various initiatives undertaken over the past three years to make GCF more efficient. 

The Board also approved the process for GCF’s 3rd Replenishment fundraising cycle, which was formally launched by the Board.
 

Co-Chair Amb. Seyni Nafo from Mali said:
“The decisions taken at this Board meeting in Dushanbe once again demonstrate GCF’s commitment to delivering climate finance at scale for developing countries. By supporting first-ever projects in Syria and the Central African Republic, we are extending our reach to some of the most vulnerable communities with the aim that no one is left behind.

I am particularly encouraged by the strong focus on adaptation, which responds directly to the urgent needs of countries already facing the impacts of climate change. I am also pleased to see continued progress in strengthening country ownership, including projects led by direct access entities in Indonesia and Nepal. This reflects the Fund’s commitment to empower national institutions to lead on climate action and deliver finance where it is needed most.”

Co-Chair Leif Holmberg from Sweden said:
“The decisions taken at this Board Meeting reflect how GCF’s ongoing reforms are enabling climate finance to reach developing countries more quickly and with greater impact. The fact that seven project Funded Activity Agreements were signed immediately after the Board means these investments can begin delivering support on the ground without delay.

“The project with Deutsche Bank on the Mekong Earth Regeneration Fund underscores GCF’s ability to mobilise private sector investment at scale. Two other projects provide critical support to health resilience in the Central African Republic and Togo, countries on the frontlines of the climate crisis. In short, GCF is continuing to leverage partnerships, unlock additional resources, and deliver tangible results where they are needed most.

The approval of an updated Gender Action Plan is particularly noteworthy, meaning our gender policy is now backed up by a plan for credible, concrete actions to strengthen gender equality.”
 

Executive Director Mafalda Duarte stated:
"We are delighted to have held this Board meeting in Tajikistan, the first ever held in Central Asia. GCF is a long-standing partner to Tajikistan – approving our first project a decade ago. Over the subsequent 10 years, we have built a strong portfolio, including these new projects, that is delivering capital at scale through a partnership based on impact.

Our reforms have made us more country-led, efficient, and impactful. Since a new regional team structure was established in September 2024, our total investments in Central Asia have more than doubled. Our risk-taking finance has catalysed significant amounts of additional capital for climate action where it is most needed. Importantly, more projects are being approved within our nine-month service standard of moving from concept note to being Board-ready. These reforms demonstrate that GCF is increasingly fit for purpose to respond effectively to the magnitude of the climate crisis.”

GCF held its 45th Board meeting (B.45) in Dushanbe, Tajikistan, from 29 June to 2 July 2026. GCF works through a network of 177 partner agencies (‘Accredited Entities’) with projects in more than 130 countries. This global network includes over 110 regional and national entities (Direct Access Entities or DAEs) from the public, private and non-profit sectors, as well as international financial institutions such as Multilateral Development Banks, United Nations agencies, and commercial banks.

The full list of new projects and Accredited Entity partners is below.

Ten funding proposals were approved at the 45th meeting of the GCF Board (B.45):

• SAP070: Building Flood Resilient Community through Adaptive Livelihood and Runoff Management in Petanglong Area of Central Java Province, Indonesia (BRAVE) with Kemitraan
• SAP071: Building Climate Resilience of Forest Dependent Communities through Enhanced Livelihood Opportunities and Local Capacity in Karnali Province, Nepal with National Trust for Nature Conservation (NTNC)
• SAP072: WATER-RES — Enhancing the ability to address the risks of water scarcity in areas most affected by climate change and water shortage in Syria with Agence d’Aide à la Coopération Technique et au Développement (ACTED)
• FP303: Climate Resilient Water Sanitation and Hygiene (WASH) and Disaster Management services for vulnerable children in the Central African Republic (CRDM-CAR) with UNICEF
• FP304: Enhancing Sustainable Land Management and Climate-Resilient Agri-food Systems in Côte d’Ivoire (LARACI) with CGIAR
• FP305: Building the resilience of Togo’s national health system and vulnerable communities to climate-sensitive health outcomes with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)
• FP306: Forest Landscape Restoration for Climate Benefits and Resilience (Fiji FLR) with Food and Agriculture Organization of the United Nations (FAO)
• FP307: Mekong Earth Regeneration Fund (MERF) with Deutsche Bank
• FP308: Improving climate resilience of vulnerable communities and enabling conditions for local climate action in Tajikistan with World Food Programme (WFP)
• FP309: Resilient Water Systems for All (RWS4All): Deep Adaptation Pathways for Water Infrastructure in Kyrgyz Republic and Tajikistan with European Bank for Reconstruction and Development (EBRD)
  More information about the projects can be accessed here.

The following nine entities were approved for accreditation during the B.45 meeting:

• Banco de Desarrollo del Ecuador B.P. (BDE) of Ecuador
• Corporación Financiera de Desarrollo S.A. (COFIDE) of Peru
• Mali-Folkecenter – NYETAA (MFC) of Mali
• PT Indonesia Infrastructure Finance (PT IIF) of Indonesia
• Town Development Fund (TDF) of Nepal
• Equity Group Holdings PLC (EGH) of Kenya
• Climate Fund Managers B.V. (CFM)
• HELVETAS Swiss Intercooperation (Helvetas)
• People in Need (PIN)

In September 2024, GCF established regional departments to ensure our investments are shaped by national priorities and delivered closer to countries.

In less than two years, GCF-led investments in Central Asia and the Caucasus have more than doubled. Its portfolio has grown from USD 2.1 billion to USD 5.4 billion, including co-financing catalysed by initial GCF investment.

This large mobilisation of additional capital demonstrates how GCF uses its concessional capital to crowd in partners and unlock investment at scale.

To date, GCF and its partners have reached over 10 million people across the region. Together, they have:

• Provided almost 40,000 people with access to water 
• Helped more than 51,000 farmers grow more resilient harvests
• Installed 550 MW of clean energy, and 
• Delivered over 3 million tonnes of emissions avoided over time — equivalent to taking over 700,000 cars off the road for a year