The Fiji Development Bank (FDB) made history as the first development bank in the South Pacific to become an accredited Direct (National) Access Entity by the Green Climate Fund (GCF). The accreditation was announced at the 18th Meeting of the GCF Board on 2 October 2017 in Cairo, Egypt.
The Green Climate Fund (GCF) has approved the Fiji Development Bank’s (FDB) USD 5 million project funding to develop an innovative solar agrophotovoltaic and a battery storage system in Ovalau. The total project cost is USD 10 million and is co-financed by GCF, FDB and KOICA. Read more: GCF Approves FDB’s Funding Proposal for Fiji AgroPhotovoltaic Project in Ovalau
About Climate & Eco-Finance at FDB
The Fiji Development Bank (FDB) has made history as the first development bank in the South Pacific to become an accredited Direct (National) Access Entity by the Green Climate Fund (GCF). The accreditation was announced at the 18th Meeting of the GCF Board on 2 October 2017 in Cairo, Egypt.
The Bank was nominated by the Fijian Government to become a National Accredited Entity as part of the Governmentâ€™s strategy to climate-proof infrastructure developments and boost the resilience of the economy.
The Bank has been working towards fulfilling the 10 accreditation conditions required by GCF prior to the first project proposal submission and fund disbursements by GCF which are related to internal policies and frameworks to satisfy the GCF Fiduciary Standards, Environmental and Social Safeguards, and the Gender Equity and Social Inclusion Policy.
Climate Financing Solutions
By accessing the global funds directly, FDB will be able to manage financing that better enables Fiji’s small and medium businesses and corporations to implement projects that are climate-resilient.
With the Direct Access Accreditation, FDB will be able to blend GCF funding of up to USD $10M per project with other financing instruments to provide the best and most affordable financing package, while also continuing to deliver on its primary mandate of contributing to the development of the economy’s core focus areas. The FDB is also working towards achieving a higher level of accreditation that will grant USD $50 million per project.
FDB Strengthens Climate Financing Policy Knowledge for Staff
“To generate high quality proposals for climate finance investments in low emission and climate-resilient projects and programmes, we need to first empower our people with knowledge about the impacts of climate change backed by the science behind it, about the Bank’s GCF accreditation conditions and features and how the portfolio would be operationalized within the existing structure,”