Greening Financial Systems: Delivering Climate Finance for All
Mobilising private sector climate finance is an urgent priority to enable vulnerable countries to move towards a climate-resilient future rapidly.
This programme aims to achieve a systemic transformation of the financial sector in 13 countries by providing concessional financing for climate change mitigation and adaptation projects for small and medium enterprises, housing associations, municipalities, public utilities, and others.
Building upon Green Economy Financing Facility (FP025), it aims to leverage existing networks in each of the participating countries to develop climate-compatible financial systems, so that five per cent of banking sector assets, amounting to USD 180 billion, will be channeled to Paris-aligned pathways by the tenth year of programme implementation.
The programme comprises a lending envelope of USD 620 million for banks, microfinancing institutions and leasing companies, and a grant-funded technical assistance facility of USD 49 million to assist financial institutions with developing green transition plans. To foster gender-inclusive development and greater economic inclusion, the programme intends to commit at least 20 per cent of the loans to women or women-led businesses and 30 per cent to end borrowers outside the countries’ main cities.
Project timeline
Pipeline
21 Aug 2023 • 431 days
Funding proposal received
21 Aug 2023
Cleared by GCF Secretariat
09 Aug 2024
Cleared by iTAP
30 Sep 2024
Approved
24 Oct 2024 • 192 days so far
Approved by GCF Board
24 Oct 2024
Legal opinion on AE's Internal Approval
18 Feb 2025
Under implementation
To be completed
Three regions
- Eastern Europe
- Africa
- Asia-Pacific
Thirteen countries
- Armenia
- Egypt
- Georgia
- Jordan
- Kazakhstan
- Kyrgyzstan
- Moldova
- Mongolia
- Morocco
- North Macedonia
- Serbia
- Tajikistan
- Uzbekistan
One priority group
- African States
-
Financing
- Private sector
- Public sector
-
Size
- Micro
- Small
- Medium
- Large
GCF financing
| Instrument | Amount |
|---|---|
| Loan | USD 186,000,000 |
| Grant | USD 14,000,000 |
| Total GCF Financing |
|---|
| USD 200,000,000 |
Co-financing
| Co-financer | Instrument | Amount |
|---|---|---|
| Co-Financing | Loan | USD 434,000,000 |
| Co-Financing | Grant | USD 35,000,000 |
| Total Co-Financing |
|---|
| USD 469,000,000 |
GCF Contacts
General media inquiries
GCF CommunicationsSend e-mail
Request for information
GCF Information DisclosureRequest information about this project
Project complaints and grievances
GCF Independent Redress Mechanism (IRM)Phone +82 32 458 6186 (KST)
File a complaint
Integrity issues
GCF Independent Integrity Unity (IIU)Phone +82 32 458 6714 (KST)
Send e-mail
Entity
European Bank for Reconstruction and Development
Associate Director, Pillar Head, Donor Partnerships
European Bank for Reconstruction and Development, 5 Bank Street, London, E14 4BG, United Kingdom
Associate Manager, Donor Partnerships
European Bank for Reconstruction and Development, 5 Bank Street, London, E14 4BG, United Kingdom
More contacts
National Designated Authority
Ministry of Environment
Minister
3 Government Bld, Republic Square, Yerevan, Armenia
Head of International Cooperation Department
Ministry of Environment
Manager of Carbon Certificates Marketing Department, Climate change Central Department
Ministry of Environmental Protection and Agriculture
Deputy Minister
6, Marshal Gelovani Avenue, Tbilisi, Georgia
Head, Climate Change Division
6, Marshal Gelovani Avenue, Tbilisi, Georgia
Ministry of Environment
Director, Climate Change Directorate
King Faisal Bin Abd Aziz Street, 83 Um Uthaina, Amman, Jordan
Ministry of Ecology and Natural Resources of the Republic of Kazakhstan
Vice-Minister
Mangilik el ave, 8, House of Ministries, 14 entrance, office 433, Astana, Kazakhstan
Director of Climate Policy Department
Chief expert of Adaptation to Climate Change Unit, Climate Policy Department
Head of Adaptation to Climate Change Unit, Climate Policy Department
Ministry of Natural Resources, Ecology and Technical Supervision of the Kyrgyz Republic
Minister
Erkindik street, N2, Bishkek, Kyrgyzstan
Head of Climate Change Department
Erkindik street, N2, Bishkek, Kyrgyzstan
Director of the Climate Finance Center under the Cabinet of Ministers of the Kyrgyz Republic
Ministry of Environment
State Secretary
MD-2004, mun. bd Stefan cel Mare si Sfant, 162, Chisinau, Moldova
Ministry of Environment and Climate Change
Special Envoy on Climate Change of Mongolia, Ministry of Environment and Climate Change
Ministry of Environment and Climate Change Artsatiin am 624 Khan - Uul District 23rd khoroo, Ulaanbaatar, Mongolia
Senior Analyst, International Cooperation Department, Ministry of Environment and Climate Change
Ministry of Energy Transition and Sustainable Development- Department of Sustainable Development
Director of Climate and Diversity
Office of the President of the Government of Republic of North Macedonia
Special Advisor to the President of the Government of Republic of North Macedonia
Bul Ilinden nr.2, Skopje, North Macedonia
Head of Department for Regional and Sustainable Development
Bul Ilinden 2, Skopje, North Macedonia
Ministry of Environmental Protection
Assistant Minister
Namanjina 22-26, Belgrad, Serbia
Committee of Environmental Protection Under the Government of the Republic of Tajikistan
Chairman of the Committee of Environmental Protection
5/1 Shamsi str.,, Dushanbe city, Tajikistan
Head of Project Implementation Group and NDA Secretariat
Ministry of Ecology, Environment Protection and Climate Change
Minister
Chilanzar district, Bunyodkor ave., 7-A, Tashkent, Uzbekistan
Advisor to the Minister
Chilanzar district, Bunyodkor ave., 7-A, Tashkent, Uzbekistan
Head of International Cooperation and Grants Department
Chilanzar district, Bunyodkor ave., 7-A, Tashkent, Uzbekistan
Documents
| Title | Type | Date |
|---|---|---|
| Greening Financial Systems: Delivering Climate Finance for All | Approved funding proposal | 26 Nov 2024 |
| Gender assessment for FP253: Greening Financial Systems: Delivering Climate Finance for All | Gender assessment | 24 Oct 2024 |
| Gender action plan for FP253: Greening Financial Systems: Delivering Climate Finance for All | Gender action plan | 24 Oct 2024 |
| Environmental and social safeguards (ESS) report for FP253: Greening Financial Systems: Delivering Climate Finance for All | Environmental and Social Safeguards report | 20 Sep 2024 |