World Bank, Germany Sign MOU in Support of Climate Investment Readiness

World Bank12 October 2012: The German Government has partnered with the World Bank to provide €9.4 million to developing countries in support for climate investment readiness and for the design of low-carbon development plans.

German Development Minister Dirk Niebel and World Bank President Jim Yong Kim signed a Memorandum of Understanding (MOU) on the sidelines of the 2012 International Monetary Fund (IMF)/World Bank Group Annual Meetings, in Tokyo, Japan. The MOU states that parties will support the work of the Strategic Climate Fund within the World-Bank-managed Climate Investment Funds (CIF) to help developing countries assess their climate challenges and comprehend their development goals that support climate resilience.

The German readiness contribution will be used by developing countries for assistance in several activities, such as preparing and/or strengthening low-emissions and climate resilient national development strategies and plans. In addition, developing countries will be assisted in developing related pipelines of priority investment projects that could be effectively funded with climate finance. Lastly, the support could be applied to strengthen in-country institutional arrangements and capacities to create and monitor investments to ensure effectiveness. [Climate Investment Funds Press Release]