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Ministry of Economic Development begins Green Climate Fund Accreditation process to access international funds directly

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Posted: Wednesday, June 22, 2022. 6:51 pm CST.

By Rubén Morales Iglesias: The Ministry of Economic Development announced on Wednesday that the Green Climate Fund (GCF) has released its first readiness disbursement of USD 300,000 for the Ministry to seek GCF accreditation.

The Ministry of Economic Development (MED) is Belize’s National Designated Authority (NDA) to the Green Climate Fund (GCF) and the Climate Finance Unit (CFU).

According to a press release by the Government of Belize Press Office, once the Ministry is accredited, the Government of Belize will be able to access up to US$50 million in grant funding directly from the GCF and other International Funding Institutions. This should also decrease the dependency it now has on other entities to access funding on its behalf.

“This will allow for more country ownership and national capacity to be built,” said the Press Office release.

“The readiness project will see the MED undergo an accreditation gap assessment and development of accompanying action plan to strengthen the entity’s current structure including its fiduciary standards such as administration, financial, procurement, integrity, and transparency,” said the MED through a Government of Belize Press Office release.

“Also, where relevant internally, some core recommendations from the gap assessment will be implemented that will see the restructuring of the Ministry to further its specialized capacity in driving climate action through actionable mitigation and adaptation projects.”

The release also said the Protected Areas Conservation Trust will act as the delivery partner. The Trust will assist with the implementation of the project valued at BZ$1.2 million and will also support the Belize Social Investment Fund with pre-accreditation assistance and technical support for the Belize National Protected Areas System to access climate finance.

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