The approved Readiness proposal aims to strengthen the institutional and operational capacity of MFEM, a GCF-accredited Direct Access Entity since 2018, to effectively manage its growing climate finance portfolio and responsibilities. Building on the experience gained through the implementation of existing GCF projects, the programme seeks to enhance MFEM’s ability to deliver high-quality climate finance and project management services by strengthening key accreditation-related systems, policies, and institutional capacities.
The grant will support the enhancement of MFEM’s grievance redress, environmental and social safeguards, and gender policies; establish stronger monitoring, evaluation, reporting, and learning systems; advance the national climate finance pipeline through a pre-feasibility study; and create a structured internship programme to develop future climate finance professionals. The expected outcomes include improved compliance with GCF accreditation standards, strengthened project oversight and reporting capabilities, a more robust pipeline of climate finance investments, and increased national capacity to support the long-term delivery of climate finance in the Cook Islands.