ESWATINIBANK, EEA SECURE E11.8M FROM GCF

MANZINI – EswatiniBank and EEA have received support from the Food and Agriculture Organisation (FAO) in securing a readiness fund of E11.8 million (US$671 000) from the GCF readiness programme.
EswatiniBank Managing Director (MD) Nozizwe Mulela said this funding will not only assist EswatiniBank but will also aid the Ministry of Tourism and Environmental Affairs in its accreditation efforts.Mulela was speaking during the launch of the Green Climate Fund readiness project on the accreditation of the Eswatini Environment Authority (EEA) and EswatiniBank. The event was held at Esibayeni Lodge, yesterday.

“We are extremely grateful for the handholding as well as guidance we are receiving from FAO, which will continue until we achieve our accreditation goals and beyond,” said Mulela.
The Green Climate Fund (GCF), a critical element of the historic Paris Agreement, is the world’s largest climate fund, mandated to support developing countries raise and realise their Nationally Determined Contributions (NDC) ambitions towards low-emissions, climate-resilient pathways. Mulela explained that tapping into this fund is a process that requires a lot of money. She said, therefore, the GCF established the readiness fund, which assists entities to get capacitated and ready to access more funding in the bigger fund GCF.
She explained that the bank and the EEA applied at the GCF.

Entities

They were identified as entities that can tap into the GCF. She said the readiness fund they have received will assist them as a bank to be trained and capacitated in order to get accredited and tap into the bigger fund, the GCF. She said once accredited, they will then be able to take applications from local individuals and businesses to get funding from the GCF.
Mulela said this will in the long run assist farmers who want to venture into climate-smart farming to get funding from GCF through the bank. The MD said their successful accreditation to the GCF will empower EswatiniBank and the Ministry of Tourism and Environmental Affairs to mobilise essential resources necessary to tackle the climate challenges faced and foster sustainable development within Eswatini.

She said this journey is not merely about securing funds; it is about shaping a sustainable future for communities. Mulela said as they move forward, they recognise that they have certain areas that require tightening and their immediate attention. She said these include finalising their compliance policies, enhancing their risk management frameworks and due diligence practices, and strengthening our financial management capabilities. “Addressing these will be critical to our success in the accreditation process,” she said.Mulela expressed appreciation to the United Nations Development Programme (UNDP) for its unwavering support throughout this process. She said this included the hiring of a consultant who capacitated them on GCF and assisted them to have access to the GCF system. “Your expertise and resources have been invaluable in guiding us on this important journey,” she said.

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