ADDIS ABABA – April 3, 2017 – An Ethiopian financial mechanism, established with support from the Global Green Growth Institute (GGGI), recently mobilized millions to finance rural sustainability projects. The 29th Adaptation Fund board meeting held in Bonn, Germany on March 14-17 approved a USD 9.98 million project developed by Ethiopia’s Climate Resilient Green Economy (CRGE) Facility to support climate-smart integrated rural development.
The approval marks a further enhancement of the Adaptation Fund’s response to assist a rising number of vulnerable communities in developing countries with urgent adaptation needs. The CRGE Facility will utilize the resources to increase rural communities’ resilience to recurring droughts. GGGI played a key role in the operationalization of the Ministry of Finance and Economic Cooperation’s (MoFEC) CRGE Facility.
“The technical support provided by GGGI and other partners was instrumental in the accreditation of the CRGE Facility to the Green Climate Fund and the Adaptation Fund,” said H.E. Mr. Kare Chawicha, State Minister of Environment, Ministry of Environment Forest & Climate Change (MEFCC). “The Government of Ethiopia does look forward to continued collaboration with GGGI in the implementation of the CRGE and GTP II.’’
GGGI played a key role in the establishment of the CRGE Facility, developing the Facility’s Operational Manual, Monitoring & Evaluation Systems, and Fast-Track Investment guidelines and priorities among others. Currently, GGGI is embarked on an on-going heightened support to the Facility in the realization of its mandate.
‘’We would like to thank GGGI for its continued support through assigning technical advisors during the course of project proposal preparation to the Adaption Fund, as well as swift and timely responses to the comments and suggestions of reviewers,“ said Zerihun Getu, CRGE Facility Coordinator, MoFEC, in his announcement of the Adaption Fund’s approval.
The Climate Smart Integrated Rural Development Project aims to increase resilience to recurrent droughts in 7 agro-ecological landscapes in Ethiopia. An integrated water, agriculture and natural resource management approach will be adopted to achieve the desired outcomes.
“The resources needed to implement the Climate Resilient Green Economy Strategy are enormous and the bulk of GGGI’s focus in Ethiopia of the coming years is to help plug this resource gap,” said Robert Mukiza, GGGI’s Country Representative in Ethiopia. “This announcement strengthens GGGI’s commitment to supporting Ethiopia’s climate finance resource mobilization efforts, and will only strengthen our partnership and our collective efforts to implement the CRGE Strategy.’’
About the Global Green Growth Institute (GGGI)
Based in Seoul, GGGI is an intergovernmental organization that supports developing country Governments transition to a model of economic growth that is environmentally sustainable and socially inclusive. GGGI delivers programs in 25 partner countries with technical support, capacity building, policy planning & implementation, and by helping to build a pipeline of bankable green investment projects. To learn more about GGGI, see https://www.gggi.org and visit us on Facebook and Twitter.
Global Green Growth Institute