Adaptation Fund Board Approves Project Concepts for Financing
24 June 2010: The Adaptation Fund Board approved the first four proposals of concrete adaptation projects at its tenth meeting held in Bonn, Germany, from 14-16 June 2010. The approved project concepts include one by the Centre de Suivi Ecologique, a National Implementing Entity from Senegal, under the direct access modality. At the concluding session, Farrukh Khan, Chair of the Adaptation Fund Board, stated that "we have translated into reality our collective quest for direct access." He added that "this is the first step and the long road is yet before us but what makes the difference is that today we know where we are headed."
The proposal by the Government of Senegal through the Centre de Suivi Ecologique is the first to make use of the ground-breaking direct access modality of the Adaptation Fund. Under this arrangement, a national organization that has illustrated that it meets the fiduciary standards set by the Fund can submit proposals to, and receive funds from, the Adaptation Fund as a National Implementing Entity.
The other three proposals approved by the Board are from the Governments of Nicaragua, Pakistan and the Solomon Islands, with a total proposed value of US$21.8 million. These project concepts were submitted through the more conventional path also available in the Fund, where the UN Development Programme (UNDP) acts as a Multilateral Implementing Entity.
In addition, the Board approved a Results-Based Management and Evaluation Framework that will help enhance the effectiveness of the Adaptation Fund project portfolio. Also, the Adaptation Fund Board accredited four new Multilateral Implementing Entities that had been recommended by the Accreditation Panel. These entities include: the Asian Development Bank (ADB), the International Fund for Agricultural Development (IFAD), the UN Environment Programme (UNEP), and the UN World Food Programme (WFP). [Adaptation Fund Press Release]