Boost for GCF accreditation bid

Fiji Development Bank (FDB) chief executive officer Mark Clough, second from left, and FDB business risk services general manager Nafitalai Cakacaka, left, with USAID/Philippines environment officer Brett Jones, second from right, USAID Ready Project chief of party Lee Baker, during the signing of the letter of agreement at the FDB conference room in Suva. Picture: JONACANI LALAKOBAU

THE Fiji Development Bank (FDB) today signed a Letter of Agreement with the USAID to formalise a shared commitment to help the FDB gain accreditation with the Green Climate Fund (GCF), a financial mechanism under the UN Framework Convention on Climate Change.

“The bank has been working towards fulfilling the 10 accreditation conditions required by GCF prior to the first project proposal submission and funds disbursement by GCF which are related to internal policies and frameworks to satisfy GCF Fiduciary Standards, Environmental and Social Safeguards and the Gender Equity and Social Inclusion Policy,” FDB executive officer Mark Clough said.

He said the bank had engaged USAID to develop these policies after the agency had expressed their interest to assist during the final stages of the bank’s accreditation submissions.

This accreditation will allow FDB to access GCF funding for projects that make communities more resilient to extreme weather and natural disasters.