Ethiopia signs USD45M grant agreement with Green Climate Fund

Addis Ababa, October 24, 2024 (FBC) – At its 40th meeting held on 23rd October 2024 in the Republic of Korea’s Songdo, the Green Climate Fund (GCF) board approved a grant project titled “Climate-resilient community access to safe water powered by renewable energy in drought-vulnerable regions of Ethiopia.”

According to the Ministry of Finance of Ethiopia, this project will be implemented with a total budget of USD 50 million, comprising USD 45 million from the GCF and USD 5 million in co-financing from the Government of Ethiopia.

The project aims to enhance water security in drought-affected rural areas of Ethiopia’s Oromia and Amhara regions by deploying solar-powered water pumping systems. These systems will sustainably extract water for both drinking and irrigation, directly benefitting over 355,000 people and contributing to universal access to safe water and increased agricultural productivity in the most climate-vulnerable regions of the country.

Following the approval, Dessie Dalkie, Ethiopian Ambassador to the Republic of Korea, and Mr. Henry Gonzalez, Chief Investment Officer of the GCF, officially signed the grant agreement, The Ministry of Finance disclosed today.

The GCF’s support is critical in advancing Ethiopia’s climate adaptation efforts and promoting sustainable development. This initiative is part of Ethiopia’s broader strategy to address the growing impacts of climate change through innovative, renewable energy solutions.

The GCF’s support is vital for advancing Ethiopia’s climate goals, promoting sustainable development, and addressing the growing challenges of climate change. Perspectives Climate Group and the Global Green Growth Institute (GGGI) served as technical partners to the Ministry of Finance in designing and securing approval for this project.

This initiative represents the second project approved by the GCF for Ethiopia, with the Ministry of Finance acting as an accredited direct access public entity. Ethiopia looks forward to closely collaborating with the GCF Secretariat on the implementation of this project and other future funding proposals to ensure sustained progress in climate resilience efforts.

Selected
Comments (0)
Add Comment