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.

Total project value

 

Beneficiaries

 

Direct
39,000,000
Theme

Adaptation

Result areas

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 - 758 days so far

FAA effective

27 Jan 2022

Disbursement - USD 20,000,000

22 Feb 2022

Disbursement - USD 7,212,612

15 Sep 2023

Disbursement - USD 13,406,956

19 Jan 2024

Completed

Two regions

  • Latin America and the Caribbean
  • Africa

Six countries

Three priority groups

  • Least Developed Countries
  • Small Island Developing States
  • African States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing41% disbursed

InstrumentAmount
EquityUSD 100,000,000
Total GCF Financing
USD 100,000,000

Co-financing

Co-financerInstrumentAmount
Co-FinancingEquityUSD 16,762,750
Co-FinancingEquityUSD 21,152,320
Co-FinancingEquityUSD 262,084,930
Total Co-Financing
USD 300,000,000

GCF Contacts

General media inquiries

GCF Communications
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Request for information

GCF Information Disclosure
Request 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 6714 (KST)
Send e-mail

Accredited Entity

Pegasus Capital Advisors
Mr. Craig Cogut
Primary

Founder, Chairman & CEO
750 East Main Street, Suite 600 Stamford, Stamford, United States
Ms Natalie Gartmann
Secondary

ESG Manager
750 East Main Street, Suite 600 Stamford, Stamford, United States
More contacts

National Designated Authority

Bahamas
Office of the Prime Minister
Mrs. Rochelle Newbold Primary
Special Advisor for Climate Change & Environmental Matters
Sir Cecil Wallace Whitfield Center, Nassau, Bahamas
Phone 1(242)702-5500
ROCHELLENEWBOLD@BAHAMAS.GOV.BS
Dr. Rhianna Neely Secondary
Director, Department of Environmental Planning and Protection Ministry of Environment and Natural Resources
Phone 1(242)322-4546
Rhiannaneely@bahamas.gov.bs
Ms. Christine Thompson Secondary
Deputy Director Economics, Ministry of Finance
Phone 1(242)702-1586
ChristineMThompson@bahamas.gov.bs
Brazil
Secretariat for International Affairs, Ministry of Finance
Ms. Tatiana Rosito Primary
Secretary for International Affairs
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
Mr. Ivan Tiago Machado Oliveira Secondary
Deputy Secretary for Sustainable Development Finance
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
Phone +556131422202
ivan.oliveira@fazenda.gov.br
Ms. Livia Farias Ferreira de Oliveira Operational focal point
General Coordinator for Sustainable Finance
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
Phone +55 (61) 33412-1702
livia.oliveira@fazenda.gov.br
Mexico
Ministry of Finance and Public Credit, Unit of Public Credit and International Affairs
Ms. Laura Elisa Aguirre Téllez Primary
Director General of International Fora and Sustainable Financing
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Mr. Israel Alejandro Camacho Bahena Secondary
Director of Sustainable Financing
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Phone (+52) 55 3688 2662
israel_camachob@hacienda.gov.mx
Ms. Angélica Astrid Morales Rivera Tertiary
Deputy Director of Climate Change
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Phone (+52) 55 3688 1833
angelica_morales@hacienda.gob.mx
Rwanda
Rwanda Environment Management Authority
Mrs. Juliet Kabera Primary
Director General
South Africa
Department of Forestry, Fisheries, and the Environment
Ms. Nomfundo Tshabalala Primary
Director General
Phone +27 12 339 9007
DG@environment.gov.za
Ms. Shahkira Parker Operational focal point
Senior Policy Advisor: International Governance Management
Ms. Lucia Motloung Operational focal point
Mr. Zaheer Fakir Operational focal point
Trinidad and Tobago
Ministry of Planning and Development
Ms. Marie Hinds Primary
Permanent Secretary
Level 14, Eric Williams Finance Building, Independence Square, Port of Spain, Trinidad, West Indies, Trinidad and Tobago
Phone +(86) 612-9700 ext. 1329/2016
Marie.Hinds@planning.gov.tt