The Government of the Republic of Zambia has obtained a Readiness Package Grant of $145,000 from the Adaptation Fund.
The grant will facilitate the accreditation of Zambia Industrial Commercial Bank (ZICB) to the Adaptation Fund.
The grant will also 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.
Ministry of Green Economy and Environment Permanent Secretary John Msimuko welcomed the Adaptation Fund’s grant of support to Zambia which includes, among others, updating the manual of internal procedures and developing the following documents: Code of Ethics, Transparency Policy, Environmental and Social Safeguards policy and Gender Policy, Project Cycle Management, Monitoring and Evaluation guides.
According to his statement, this is the first Zambia’s climate financing from the Adaptation Fund.
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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.
When ZICB is successfully accredited, Zambia will be able to access Adaptation Fund grants through a Direct Access Entity. The Entity will be able to manage all aspects of the project, from formulation to execution by hand-holding the project developers.
Zambia’s National Designated Authority NDA identified the Centre de Suivi Ecologique (CSE) of Senegal to provide intermediary services and to assist ZICB in the preparation and submission of its accreditation application.
The support will enable the Zambia Industrial Commercial Bank to meet the Adaptation Fund accreditation requirements for National Implementing Entity eligibility.
The Adaptation Fund (AF) of the United Nations Climate Change (UNFCCC) was established in 2001 to finance concrete adaptation projects and programmes in developing country Parties to the Kyoto Protocol that are particularly vulnerable to the adverse effects of climate change.
