Green Climate Fund news
|What is the Green Climate Fund?|
|The Green Climate Fund (GCF) is a new financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC) based in South Korea.|
It functions by transferring funds from developed to developing countries to mitigate greenhouse gas emissions and adapt to the impacts of climate change. The GCF will accredit Implementing Entities (IEs) at the national, regional and international level to receive these funds and to empower the public and private sector to take on ambitious climate change projects.
The fund currently has over USD 10 billion pledged.
|How is XacBank involved with the GCF?|
|XacBank became the first commercial bank and first private entity from a developing nation in the world with National Implementing Entity accreditation in October, 2016. In addition, XacBank is the first GCF accredited entity in Mongolia.Through the GCF, XacBank has the following financial tools available:|
- Concessionary Loans (senior)
Readiness and preparatory support and Project preparation facilities as grant funding provided directly to XacBank as necessary for project viability and capacity building.
All financing terms are decided on a “Case-By-Case” through submission of a Funding Proposal for each program/project. Funding Proposals are assessed against the GCF’s Investment Criteria.
Following accreditation, XacBank will be in a position to design, finance, implement, evaluate, monitor and report on GCF financed projects in Mongolia.
|XacBank submitted its first Funding Proposal for consideration at the GCF’s 15th Board meeting, held on December 10th in Samoa. The proposal was unanimously approved by the Board.|
XacBank has an extensive project pipeline and is actively seeking out technical assistance in developing these proposals and internal capacity.