Green Climate Fund board extends Climate Investor One's approved country list
Climate Fund Managers (CFM) has received confirmation from the Green Climate Fund (GCF) of an extension to its approved country list. This means that CFM’s Climate Investor One (CI1) investment facility can now direct GCF capital into pipeline projects in seven additional emerging economy nations, bringing the total GCF approved list to 18 countries.
The countries which have been added are Ecuador, Ethiopia, Mauritius, the Philippines, Senegal, Tunisia and Zambia. Their inclusion alongside the 11 nations already approved (Burundi, Cameroon, Djibouti, Indonesia, Kenya, Madagascar, Malawi, Mongolia, Morocco, Nigeria and Uganda) as prospective destinations for GCF funding will enable CI1 to broaden its geographical remit and increase its impact potential across the African continent, in South America, and Asia.
CI1 is a blended finance facility managed by CFM and provides integrated, full project lifecycle financing solutions to support the development, construction and commissioning of renewable energy projects in regions with significant power deficits, more expeditiously and at reduced cost, translating into additional renewable energy capacity and reduced CO2 emissions.
“By determining that the seven ‘new’ countries have demonstrated a good fit with the specified country selection criteria, GCF has effectively unlocked investment opportunities for CI1 in each nation,” commented Georges Beukering, director of capital raising and business development at Climate Fund Managers. “Crucially, this will enable CI1 to generate greater climate impacts with capital that has been committed by GCF as we respond to the climate crisis,” he added.
The expansion of the CI1 approved countries list has been made possible by securing, on the part of the Dutch Entrepreneurial Development Bank (FMO), no-objection letters (NOLs) from these additional nations. FMO is the GCF Accredited Entity (AE) for CI1.
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