Zambia Finance Minister signs grant agreement during Livingstone Board meeting
The Zambian host government has signed a grant agreement with GCF to accelerate its preparations for climate financing.
On the sidelines of the eleventh Green Climate Fund Board meeting, the Zambian host government has signed a grant agreement with the Fund to accelerate its preparations for climate financing.
Alexander Chikwanda, Zambian Minister of Finance, joined the Fund’s Executive Director, Héla Cheikhrouhou, to sign a grant agreement for USD 300,000 in advance of a formal dinner hosted by the Minister for the Board.
The readiness funding will support institutional capacity building and the identification of adaptation programmes to realize Zambia's Intended Nationally Determined Contribution (INDC).
“This is an important step in the positive collaboration between Zambia and the Green Climate Fund,” stated Mr. Chikwandae. “It is particularly appropriate that we are able to sign this agreement in the week that Zambia has the honour of hosting the first ever GCF Board meeting in Africa,” he said.
Each country that is party to the UNFCCC has been invited to submit an INDC ahead of the Paris COP 21 talks later this year. Many developing countries, including Zambia, have stressedthe importance of working with GCF in order to achieve the goals of their INDCs.
Readiness funding is made available by the Fund to support capacity building so that countries are in a position to undertake larger adaptation projects with the Fund in the future.
“This readiness grant agreement is another signal of the Fund’s commitment to support African countries in adapting to climate change and moving to low-emission development,” said Ms. Cheikhrouhou. “In holding our meeting in Livingstone this week, we have been able to see for ourselves the urgent need to act and counter the impact of more erratic rainfall patterns and a changing climate in a country like Zambia.”
The GCF Board is currently meeting in Livingstone to review the first set of funding proposals that will complete the final stage in the Fund’s move to full operationalization.