Infrastructure Development Company Ltd (Idcol) has recently received accreditation to develop and submit funding proposals for consideration by the Green Climate Fund (GCF).

The certification was given during the board meeting of the GCF in Songdo, South Korea on July 6, according to a press release.

Established by the government in 1997, Idcol is playing a major role in bridging the financing gap to develop medium to large-scale infrastructure and renewable energy projects in Bangladesh.

The GCF is a unique global initiative set up to respond to climate change by investing in low-emission and climate-resilient development.

Idcol is one of the GCF's six new partner organisations to have got the accreditation. The other partners are Small Industries Development Bank of India; the Bank of Tokyo-Mitsubishi UFJ; the Japan International Cooperation Agency; the Micronesia Conservation Trust; and CDG Capital SA.

This brings the number of GCF-accredited entities to 54.

The board meeting adopted  decisions to strengthen operations and help generate high quality funding proposals for climate finance investments in low-emission and climate-resilient projects and programmes in developing countries.

To date, the GCF has approved $2.2 billion in funding for 43 projects in 64 countries.

The board took into account lessons learnt from an initial five rounds of funding proposals and endorsed a number of actions to improve the approval process.

More than 300 partners gathered at the GCF headquarters in Songdo for the meeting, including observers from civil society and private sector organisations, national designated authorities, accredited entities and climate finance delivery partners.

The next meeting of the board will be held in Cairo, Egypt from September 30 to October 2.