FP181
CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries
CRAFT - Catalytic Capital for First Private Investment Fund for Adaptation Technologies in Developing Countries
Climate change has and will continue to wreak wide-ranging damage on the environment and economy globally. Up to USD 300 billion per year has been estimated for climate adaptation in developing countries by 2030, yet adaptation receives only 5% of all climate finance – and less than USD 500 million of private investment. As the first private sector investment fund for adaptation, CRAFT mobilizes capital to scale up technologies for climate resilience and adaptation and applies them in developing countries using a south-south technology transfer mechanism.
GCF’s commitment of up to USD 100 million in catalytic capital to CRAFT will allow the programme to scale up adaptation finance and accelerate development, application and transfer of private sector technologies in climate adaptation and resilience, particularly in the context of promoting green recovery from COVID-19. Implemented with Pegasus Capital Advisors, the programme supports investment in six technologies (agricultural analytics, water harvesting and irrigation, food systems, geospatial mapping and imaging, catastrophe risk modeling, supply chain analytics) in six countries in Africa, Latin America and the Caribbean.
Project timeline
Pipeline
25 May 2020 - 501 days
Concept note received
25 May 2020
Funding proposal received
16 Mar 2021
Cleared by GCF Secretariat
19 Jul 2021
Legal opinion on AE's Internal Approval
11 Sep 2021
Cleared by iTAP
14 Sep 2021
Approved
07 Oct 2021 - 113 days
Approved by GCF Board
07 Oct 2021
FAA executed
31 Dec 2021
Under implementation
27 Jan 2022 - 497 days so far
FAA effective
27 Jan 2022
Disbursement - USD 20,000,000
22 Feb 2022
Completed
Two regions
- Latin America and the Caribbean
- Africa
Six countries
Three priority groups
- Least Developed Countries
- Small Island Developing States
- African States
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing20% disbursed
| Instrument | Amount |
|---|---|
| Equity | USD 100,000,000 |
| Total GCF Financing |
|---|
| USD 100,000,000 |
Co-financing
| Co-financer | Instrument | Amount |
|---|---|---|
| Co-Financing | Equity | USD 16,762,750 |
| Co-Financing | Equity | USD 21,152,320 |
| Co-Financing | Equity | USD 262,084,930 |
| Total Co-Financing |
|---|
| USD 300,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsPhone +82 32 4458 6338 (KST)
Send e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6155 (KST)
Send e-mail
Accredited Entity
Pegasus Capital Advisors
Founder, Chairman & CEO
750 East Main Street, Suite 600 Stamford, Stamford, United States
General Counsel & Chief Compliance Officer
750 East Main Street, Suite 600 Stamford, Stamford, United States
More contacts
National Designated Authority
Office of the Prime Minister
Special Advisor for Climate Change & Environmental Matters
Sir Cecil Wallace Whitfield Center, Nassau, Bahamas
Director, Department of Environmental Planning and Protection Ministry of Environment and Natural Resources
Deputy Director Economics, Ministry of Finance
Secretariat for International Affairs, Ministry of Finance
Secretary for International Affairs
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
Deputy Secretary for Sustainable Development Finance
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
General Coordinator for Sustainable Finance
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
Ministry of Finance and Public Credit (SHCP), Unit for Public Credit
Director General, Unit for Public Credit and International Affairs, SHCP
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
laura_aguirre@hacienda.gob.mx
dir_fs@hacienda.gob.mx
mexico_gcf@hacienda.gob.mx
Rwanda Environment Management Authority
Director General
Department of Forestry, Fisheries, and the Environment
Senior Policy Advisor: International Governance Management
Ministry of Planning and Development
Permanent Secretary
Level 14, Eric Williams Finance Building, Independence Square, Port of Spain, Trinidad, West Indies, Trinidad and Tobago