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Slow response on Green Climate Fund

(2017-05-10)Attorney-General and the Minster responsible for Climate Change, Aiyaz Sayed-Khaiyum has urged the Asian Development Bank for a fast-tracking administrative process in the disbursements of funds by the Green Climate Fund (GCF).

Sayed-Khaiyum says Pacific Development member countries have raised concerns on the slow response from the Fund to release money for approved projects.

He adds this has a derailing impact on national budgetary processes and planning.

Significant delays, he says can render elements of the envisaged project irrelevant over time, increase project risks, and hence raise the costs of financing.

Sayed-Khaiyum sought the ADB’s assistance to facilitate and streamline the current bureaucratic processes of Green Climate Fund.

Source:FBC
Date:May 10,2017