The Adaptation Fund has supported the government of Zambia with a readiness package grant of U.S.$145,000 to facilitate the accreditation of Zambia Industrial Commercial Bank (ZICB).
According to the Zambian government, the grant was received through the Ministry of Green Economy and Environment.
The government announced that the grant will help strengthen the capacity to access climate adaptation finance, and the overall capacity to develop and initiate the implementation of concrete projects and programmes that increase the resilience of vulnerable communities to the impacts of climate change.
SDG 13: Take urgent action to combat climate change and its impacts
‘Zambia has never accessed climate financing from the Adaptation Fund. However, Zambia initiated a process to do so which is currently underway’, the government said in a statement.
‘Further, the nomination of Zambia Industrial Commercial Bank for accreditation as a National Implementing Entity will also increase these chances to access climate financing from the Adaptation Fund’.
According to the ministry, when ZICB is successfully accredited, Zambia will be able to access Adaptation Fund grants through a direct access entity.
It noted that the entity will be able to manage all aspects of the project, from formulation to execution by hand-holding the project developers.
‘The Adaptation Fund provides grants through its readiness programmes to enable national implementing entities to provide peer support to others in navigating the accreditation process while strengthening countries’ capacities to achieve direct access’, the statement further read.
Minister of Green Economy and Environment Permanent Secretary, John Msimuko, said the support will enable the Zambia Industrial Commercial Bank to meet the Adaptation Fund accreditation requirements for a national implementing entity eligibility.
The Adaptation Fund was established in 2001 to finance concrete adaptation projects and programmes in developing countries that are particularly vulnerable to the adverse effects of climate change.
It aims to help vulnerable communities in developing countries adapt to climate change, and its support is based on country needs, views and priorities.
Source: Zambia Ministry of Green Economy and Environment
Photo source: Mike Rosenberg
