Dhaka gets $12.5m WB climate fund
The World Bank (WB) will provide US$ 12.5 million to Bangladesh as grant to support communities in increasing resilience to the impacts of climate change.
To this effect, Economic Relations Division (ERD) Additional Secretary Arastoo Khan and acting head of WB Dhaka office Christine Kimes signed an agreement at NEC-II conference room in the capital yesterday.
The project will channel funds to NGO-implemented sub-projects to build the capacity of communities to increase their resilience to flood, drought and saline water intrusion risks through the implementation of community-based climate change adaptation activities.
This is the first and lone project to be financed by the Bangladesh Climate Change Resilience Fund (BCCRF).
The BCCRF has two windows - 90 percent of its funds are allocated to public sector projects, while 10 percent of the funds will be channeled through NGOs.
The governing council of BCCRF designated Palli Karma-Sahayak Foundation (PKSF) to be the implementing agency for the NGO window, and it will manage the US$ 12.5 million grant for the Community Climate Change Project.
Speaking on the occasion, Christine Kimes said the project has the potential of fundamentally changing the lives of thousands of people by reducing their vulnerability to climate change risks.
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