Ethiopia and Caribbean Development Bank Gain Accreditation; Third Entity, IFAD, Receives Accreditation Renewal

Washington, D.C. (March 1, 2016) — The Adaptation Fund expanded its capacity to reach more vulnerable developing countries with urgently needed climate adaptation projects when its Board approved the accreditation of two new implementing entities Feb. 26 and reaccredited a third.

The Ethiopian Ministry of Finance and Economic Development (MOFED) became the Fund’s 21^st accredited National Implementing Entity (NIE) and the Caribbean Development Bank its 6^th Regional Implementing Entity (RIE) as the Adaptation Fund Board decided to accredit them, considering the unanimous recommendations of its independent accreditation panel of experts after a 14-day review period. The Board also reaccredited the International Fund for Agricultural Development (IFAD) as a Multilateral Implementing Entity (MIE). IFAD is one of 12 MIEs accredited by the Adaptation Fund. Each of the new accreditations is valid for five years.

As accredited implementing entities, the three organizations will now be eligible to develop and submit project proposals to the Adaptation Fund and implement them if approved by the Board. Demand for implementing entities and projects has been growing rapidly, with record numbers of project proposals submitted the last two submission periods and the number of newly accredited entities steadily rising each year.

“This further validates the growing demand for the Fund and its effectiveness in providing concrete adaptation projects that help fill urgent needs on the ground in the most climate-vulnerable developing countries,” advised Adaptation Fund Board Chairman Hans Olav Ibrekk.

A recent independent evaluation further confirmed the Fund’s effectiveness, efficiency and relevance, as well as major advances in climate finance with innovations such as its pioneering Direct Access program – which allows countries to access financing, develop projects and build local capacity directly through NIEs. The Fund’s Readiness Program for Climate Finance, designed to capture and share the growing experiences of national and regional entities to receive and manage climate financing, has grown and is in high demand, as well.

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