EIF disburses N$578.5m of GCF funding

June 28, 2023

The Environmental Investment Fund (EIF) of Namibia says it has to date disbursed N$578.5 million (US$30.9 million) of the N$732.1 million (US$39.1 million) in approved funding from the Green Climate Fund (GCF) for project implementation in the country. 

Namibia’s approved funding is comprised of N$705.9 million (US$37.7 million) in direct GCF funding and N$261.1 million (US$1.4 million) in co-financing, covering four GCF approved funded activities which are all adaptation projects in drought-stricken rural communities in Namibia. 

The GCF Secretariat is currently in the country undertaking an ad hoc mission to Namibia, to assess the quality of project implementation of all the EIF approved projects, extraction of lessons to govern future project implementation and provide recommendations to ensure project results and impacts are achieved.

“The secretariat will engage the ElF, government, civil society organisations, ElF projects staff and management, community-based organisations, stakeholders on the implementation of all the EIF projects, undertake projects site visits and meetings with the project teams, project beneficiaries and affected people, and other relevant stakeholders, interact with beneficiaries (communities and other stakeholders) to gain first-hand insights on the experience in relation to engagement, capacities, access to finance and changes in community-level climate change resilience, and the adaptation and resilience benefits through all the approved projects,” the EIF said.

ElF's engagement with GCF according to the fund, will also include five approved readiness proposals which are also under implementation.

“The projects are at different stages of implementation. Although FP024 closed in November 2022, the project will be considered for the mission to review results achieved as well as for the financial close out.”

The EIF aims to raise N$1.5 billion by 2026 through the GCF, following its re-accreditation to the body for another five years last year.

The EIF was established in 2001 with the passage of the EIF Act 13 and was tasked with raising funds for investment in projects and programs that promote sustainable development and has accessed approximately N$3 billion through development partners to support adaptation and climate change initiatives in Namibia, since its inception.

The Fund plays a critical role in ensuring the sustainable use of all of the country's natural resources, as well as the fair and equitable distribution of benefits that result.

Rate this item
(0 votes)
Last modified on Thursday, 29 June 2023 14:41

Joomla! Debug Console


Profile Information

Memory Usage

Database Queries