Nghiinomenwa-Vali Erastus
The Environmental Investment Fund of Namibia (EIF) and the Development Bank of Namibia (DBN) have entered into an agreement aimed at raising green funding to strengthen climate change resilience across the country.
The two entities will implement the “Accreditation of Direct Access Entities in Namibia (NAM-RS-006)” project, aimed at facilitating Namibia’s direct access to international climate finance.
The NAM-RS-006 project seeks to support the accreditation of Namibian entities as direct access entities under global climate funds.
This will enhance the country’s ability to finance and implement essential climate change adaptation and mitigation projects.
EIF Chief Executive Officer Benedict Libanda emphasised the importance of this collaboration in economic development, particularly in project financing.
He noted that Namibia currently faces challenges related to de-risking and project preparation, and securing tailor-made funding remains difficult due to certain risks.
“Our partnership aims to tackle these challenges head-on by jointly developing and implementing projects that will help the country adapt to the changing climate and mitigate its impacts,” Libanda said.
He further noted that the two organisations would work together to secure capital for green projects, focusing particularly on obtaining grants.
“Through this MoU, the EIF and DBN will collaborate to raise the necessary green funding, with a specific focus on securing grants to support impactful projects across the country,” Libanda added.
DBN Chief Executive John Steytler, speaking at the signing ceremony, highlighted the strategic alignment between the two institutions.
He stated that the DBN is committed to fostering economic growth and development in Namibia. The partnership with EIF through the MoU would enable the bank to play a crucial role in supporting the accreditation of direct access entities.
“The accreditation of direct access entities is essential for unlocking much-needed climate finance to address the pressing environmental challenges our country faces,” Steytler said.
The MoU outlines a framework for cooperation between EIF and DBN, which includes joint efforts in capacity building, knowledge sharing, and technical assistance.
The collaboration is expected to streamline the accreditation process for Namibian entities, positioning local financiers to access funding from international climate funds such as the Green Climate Fund (GCF) and the Adaptation Fund.
The agreement also involves the establishment of a Project Steering Committee to provide policy guidance and oversight on overall project implementation.
Both parties have agreed to create a Partnership Forum to facilitate the exchange of information on innovative information systems and instruments for enhanced climate finance programming. The Forum will also be used to advance climate finance programming at both national and subnational levels.
The institutions have committed to ensuring the success of the NAM-RS-006 project and to using their combined efforts to secure Namibia’s long-term climate resilience and sustainable development.
Last year, the GCF approved the Readiness Proposal for Namibia, titled “Support for Accreditation of Direct Access Entities in Namibia (NAM-RS-006).”
The objective of the Readiness and Preparatory Support programme is to increase Namibia’s access to climate finance to achieve its Nationally Determined Contributions (NDC) ambitions.
This will be done by strengthening the capacities of local institutions that can serve as Direct Access Entities for the Green Climate Fund and enhancing country ownership.
erastus@thevillager.com.na.
