The decision was announced during its 27th meeting, held virtually from 9th to 13th November 2020.
The other two financings are for an amount of US$9.9 million each.
One will be managed by IFAD (International Fund for Agricultural Development) to finance resilient agriculture projects in the Imbo and Moso production basins in western and eastern Burundi respectively, while the other will be used in Sudan by the World Food Programme (FAO) to strengthen the adaptive capacity of local communities, restoring the carbon sink potential of the Gum Arabic Belt, and developing the Great Green Wall of Africa, the African Union’s flagship initiative to combat the effects of climate change and desertification in Africa.
That brings the total value of the current GCF portfolio worldwide to US$7.2 billion.
“This climate financing will provide much-needed support to developing countries as the world responds to the climate crisis and the Covid-19 pandemic at the same time,” said Nauman Bashir Bhatti, Co-Chair of the GCF Board.
This other major boost to climate finance for developing countries is also in line with the GCF’s mandate.
It aims to make an ambitious contribution to achieving the international community’s mitigation and adaptation goals, with the goal of keeping the average global surface temperature rise below 2°C.
The GCF is the financial mechanism of the United Nations Framework Convention on Climate Change (UNFCCC).