The Environmental Investment Fund of Namibia (EIF) and the Development Bank of Namibia (DBN) have signed a Memorandum of Understanding (MoU) to enhance the country’s access to international climate finance.
Through the MoU, the two institutions will collaborate to support Namibian entities in achieving direct access entity accreditation under global climate funds.
The accreditation will empower Namibian organizations to directly receive and utilize international climate finance for climate change adaptation and mitigation projects, accelerating the country’s efforts to address the impacts of climate change.
The MoU was signed on Thursday by the CEO of EIF, Benedict Libanda, and the CEO of DBN, John Steytler.
The collaboration is a direct result of the GCF’s approval of Namibia’s Readiness Proposal in March 2023.
Libanda said by pooling their resources and expertise with the Development Bank of Namibia, they are reinforcing their commitment to ensuring that Namibia can effectively access and utilize global climate finance to drive its national climate agenda.
“This MoU marks a pivotal moment in Namibia’s journey towards sustainable development and climate resilience,” he said.
Meanwhile, Steytler said the partnership with EIF through the MoU would enable DBN to play a key role in supporting the accreditation of direct access entities.
He added that this is essential for unlocking much-needed climate finance to address the pressing environmental challenges the country faces.
“The Development Bank of Namibia is dedicated to fostering economic growth and development in Namibia,” he said.
The agreement stipulates that a Project Steering Committee will be established to provide overarching policy guidance and oversight on the overall project implementation.
Both parties also agreed to establish a partnership forum aimed at fostering collaboration among entities and partners for the exchange of information on emerging issues in innovative information systems and instruments for enhanced climate finance programming.
The overarching goal of the forum will be to advance climate finance programming at both national and subnational levels.
