Green Climate Fund approves 256.5 mln USD for Bangladesh

0 Comment(s)Print E-mail Xinhua, November 19, 2020
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DHAKA, Nov. 19 (Xinhua) -- The Green Climate Fund (GCF), the world's largest dedicated fund helping developing countries reduce their greenhouse gas emissions and enhance their ability to respond to climate change, has approved an amount of 256.5 million U.S. dollars for Bangladesh.

The GCF was set up under the United Nations Framework Convention on Climate Change (UNFCCC) in 2010.

This is the first concessional credit line for Bangladesh and the first private sector financing from the GCF in the country, said the Infrastructure Development Company Ltd (IDCOL), a government owned specialised non-bank financial institution that finances renewable infrastructure projects in Bangladesh.

The fund was approved at the board meeting of the GCF on Nov. 13.

IDCOL said that as the direct access entity (DAE) of the GCF it received the approval of the funding proposal for the program titled "Promoting private sector investment through large scale adoption of energy-saving technologies and equipment for Textile and Readymade Garment sectors of Bangladesh."

The objective of the approved program is to provide concessional loans from the GCF to finance energy saving technology and equipment for the textile & RMG sectors of Bangladesh in order to make it more affordable and accessible, it said. Enditem

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