B.19/18: Private sector matters: Modalities to support activities enabling private sector involvement in least developed countries and small island developing states
The Board, having considered document GCF/B.19/31 titled “PSAG recommendations on the development of modalities to support activities enabling private sector involvement in LDCs and SIDS”:
- Welcomes and appreciates the recommendations from the Private Sector Advisory Group;
- Requests the Secretariat to develop modalities, based on the recommendations from the Private Sector Advisory Group, to support activities to enable domestic and international private sector actors to engage in GCF activities in least developed countries and small island developing States, for consideration by the Board at its twentieth meeting;
- Requests the Secretariat, in cooperation with private and public sector entities, accredited entities, national designated authorities and focal points, to identify and facilitate the development of funding proposals targeting least developed countries and small island developing States, which involve innovative financing structures or modalities, such as project and small-scale solution aggregation, public-private insurance structures, and on- lending and risk capital investments through climate-oriented financial intermediaries; and
- Decides to take into account the recommendations from the Private Sector Advisory Group, as appropriate, when (i) revising policies, programmes and processes, such as the accreditation framework, investment criteria indicators, the Readiness and Preparatory Support Programme, the Project Preparation Facility and the project approval process; and (ii) approving work plans and budgets relevant for private sector engagement.