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 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.
Read policies here:
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,”
The Fiji Development Bank is encouraging Fijian businesses to take a strategic approach towards climate action initiatives.
Our Green Journey
The Fiji Development Bank [FDB] is the first development bank in the region, and putting Fiji at the forefront, to be accredited for Direct Access to the Green Climate Fund [GCF] at a national level.