Amman: The Cities and Villages Development Bank secured accreditation from the Green Climate Fund during a Council meeting in Rwanda on Tuesday, marking it as the first financial institution in the Middle East to achieve this status.
Osama Azzam, the Bank’s General Manager, hailed the accreditation as a significant national milestone, underscoring the institution’s credibility and capability to meet stringent standards, a testament to years of dedicated effort by its staff.
He said that this accreditation, earned through adherence to rigorous financial, environmental, and social criteria, will grant the Bank direct access to concessional climate financing. It heralds a new era for Jordan, enabling the Kingdom to access additional resources and bolster climate action efforts nationwide.
Azzam emphasized that the Bank’s newfound status as the first direct access point for the Fund in Jordan will facilitate the implementation of climate policies throughout the region. It paves the way for securing grants and
soft loans for medium-sized climate projects aimed at reducing greenhouse gas emissions and enhancing the Kingdom’s resilience to climate-related challenges, aligning with the Economic Modernization Vision championed by royal directives.
He expressed gratitude to the Global Green Growth Institute, the Ministry of Environment, the Bank’s dedicated workforce, and all stakeholders whose contributions were instrumental in achieving this milestone.
The Green Climate Fund, a key outcome of the Paris Agreement, is the world’s largest climate fund. It endeavors to assist developing countries in transitioning towards low-emission, climate-resilient pathways, aligning with their nationally determined contributions. With a capital of $13.5 billion, the fund seeks to accelerate transformative climate action globally, financing a diverse range of initiatives.
Source: Jordan News Agency