The Republic of Zambia has obtained a Readiness Package Grant of $145,000 from the Adaptation Fund to facilitate the accreditation of the Zambia Industrial Commercial Bank (ZICB) as a National Implementing Entity. This grant will help strengthen the capacity of Zambia to access climate adaptation finance and develop programs that increase the resilience of vulnerable communities to the impacts of climate change.
Zambia has never accessed climate financing from the Adaptation Fund, but the nomination of ZICB for accreditation increases the chances of the country being able to do so in the future. If ZICB is successfully accredited, Zambia will be able to access Adaptation Fund grants through a Direct Access Entity, which will manage all aspects of a project from formulation to execution.
The Centre de Suivi Ecologique of Senegal, working in collaboration with Zambia’s National Designated Authority, supported Zambia’s application for accreditation to the Adaptation Fund. The National Designated Authority identified the Centre de Suivi Ecologique to provide intermediary services and assist ZICB in the preparation and submission of its accreditation application.
The Adaptation Fund provides grants through its Readiness Programs to enable National Implementing Entities to provide peer support to others in navigating the accreditation process while strengthening countries’ capacities to achieve Direct Access. The support provided to Zambia through this grant includes updating the manual of internal procedures and developing the following documents: a Code of Ethics, a Transparency Policy, an Environmental and Social Safeguards policy, a Gender Policy, a Project Cycle Management guide, and a Monitoring and Evaluation guide. This support will enable ZICB to meet the accreditation requirements for National Implementing Entity eligibility.
Ministry of Green Economy and Environment Permanent Secretary Mr. John Msimuko welcomed the Adaptation Fund’s grant of support to Zambia. He said, “The support will enable the Zambia Industrial Commercial Bank meet the Adaptation Fund accreditation requirements for a National Implementing Entity eligibility.”
The Adaptation Fund provides financing for adaptation projects and programs in developing countries that are particularly vulnerable to the negative effects of climate change. Its support is based on the needs, views, and priorities of the countries it serves, with the goal of helping vulnerable communities in developing countries adapt to climate change.
