The Green Climate Fund and the Caribbean Development Bank (CDB) on Friday signed a legal agreement to open doors for more climate finance projects in the Region.
A release from the CDB said the signing of the Accreditation Master Agreement (AMA) took place on the margins of the Green Climate Fund’s Caribbean Structured Dialogue meeting, which took place last week in Grenada. This forum brought together regional stakeholders to plan climate action across the Caribbean Region.
Javier Manzanares, GCF Executive Director welcomed the agreement and stressed its importance for increasing financial flows to climate projects in the region.
“The Caribbean is particularly vulnerable to climate change devastating impacts and significant investments are needed in the region’s infrastructure to strengthen its resilience. The Caribbean Development Bank has a long and successful track record and I’m convinced that our partnership is a huge step towards unlocking new climate finance potential in the region. GCF is looking forward to new climate projects by CDB and to working together to accelerate climate action in the Caribbean”, he said.
“CDB views the signing of this Accreditation Master Agreement as an important milestone in our relationship with GCF. This Agreement will catalyse our efforts to mobilise much-needed funding to build climate resilience in the Bank’s Borrowing Member Countries. We are looking forward to a productive partnership with GCF, having taken this very important step towards implementing innovative climate solutions in our region,” said Monica La Bennett, Vice-President (Operations), CDB, said.