The Readiness support aims to strengthen the Federated States of Micronesia Development Bank’s (FSMDB) capacity to operate effectively as a newly accredited DAE to the GCF. The project will support the development of the Bank’s institutional, technical, and human capacities to meet GCF requirements for climate finance planning, programming, and implementation, while enhancing its ability to engage with the GCF and mobilize climate finance in support of national priorities. Key activities include the development of a medium-term green finance strategy and roadmap, strengthening staff knowledge of GCF policies and climate finance operations, improving mechanisms for private sector engagement, and developing a pipeline of climate-focused investment opportunities.
The project will also support the preparation of FSMDB’s first GCF concept note, positioning the Bank to access and manage climate finance and contribute to the country’s climate-resilient and low-emission development objectives.