NABARD signs project agreement with Green Climate Fund

PUNE: NABARD has signed Funded Activity Agreement (FAA) with Green Climate Fund (GCF) for implementation of project “Ground water recharge and solar micro-irrigation to ensure food security and enhance resilience in vulnerable tribal areas of Odisha”.
The agreement was signed by T S Raji Gain, CGM NABARD and German Jerry Velasquez, director of Mitigation and Adaptation, GCF at Songdo, South Korea during 19th Green Climate Fund Board Meeting. The agreement was signed in the presence of Howard Bamsey, executive director, GCF. Signing of the agreement will facilitate deployment of financial resources by GCF for the project. Project is expected to improve water table and water quality for health and well-being of about 52 lakh vulnerable communities in 15 districts of Odisha. The project would be implemented by Government of Odisha and the total outlay of project is USD 166.297 million with GCF support of USD 34.357 million, and balance funds would be supported by Government of Odisha and World Bank.

NABARD has been accredited as Direct Access Entity (DAE) of Green Climate Fund for channelizing resources under this Fund. NABARD aims to use the use the GCF resources for projects and programmes aimed at climate resilient and low emission development. NABARD has also been accredited as National Implementing Entity (NIE) for Adaptation Fund of United Nations Framework Convention on Climate Change (UNFCCC) as well designated as NIE for National Adaptation Fund for Climate Change. NABARD through its various programmes has been supporting climate resilient development in agriculture and rural livelihood sectors.

The Green Climate Fund has been designated as an operating entity of the financial mechanism of the UNFCCC and aims to support developing countries to limit or reduce their greenhouse gas emissions and to adapt to the impacts of climate change.