Peru is working to access the different financing modalities available by GCF. In this sense, the NDA (i) has identified a potential Direct Access Entity (DAE) within the country that will be complementary to Profonanpe; and (ii) wishes to boost Profonanpe’s capacity for funds management, given the new strategies that the institution is envisioning.

On one hand, a first Readiness support provided by the GCF through Price Waterhouse and Cooper (PwC), assessed the capacity of COFIDE to become a GCF’s accredited entity. The result of this assessment was promising, but a series of recommendations were given from which COFIDE has started to address. In order to expedite this process, the NDA considers that Profonanpe could support COFIDE to address some gaps that are still to be covered, given the experience it has already gained with the GCF.

On the other hand, Profonanpe is rethinking and planning new ways of approaching climate change mitigation and adaptation and biodiversity conservation through its work and the services it provides. This includes, among other, new fiduciary functions to be explored. Therefore, the NDA supports this initiative that could lead to an additional upgrade for Profonanpe, allowing the country to access additional GCF funding resources.