BOI to access $20 million for climate adaptation projects
The Bank of Industry has been accredited by Adaptation Fund as the implementation entity of climate related development in Nigeria. The Adaptation Fund in its approval notice said “having considered the recommendation of the Accreditation Panel, the Adaptation Fund Board decided to accredit the Bank of Industry (BOI) of Nigeria as a National Implementing Entity […]
The Bank of Industry has been accredited by Adaptation Fund as the implementation entity of climate related development in Nigeria.
The Adaptation Fund in its approval notice said “having considered the recommendation of the Accreditation Panel, the Adaptation Fund Board decided to accredit the Bank of Industry (BOI) of Nigeria as a National Implementing Entity (NIE) of the Adaptation Fund for five years”.
Theodora Amechi, Divisional Head, Public Relations of BOI, disclosed in a statement made available to our correspondent on Thursday.
According to the statement, under the leadership of Dr. Olasupo Olusi, (MD/CEO), BOI has positioned itself as a global development partner in climate finance by becoming the first Nigerian implementing entity ever certified by the Adaptation Fund.
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It quoted Olusi to have stated that “this certification now enables BOI to access up to $10 million for a single climate adaptation project and as much as $20 million in total for nationwide interventions.”
The Adaptation Fund, established under the Kyoto Protocol of the United Nations Framework Convention on Climate Change (UNFCCC) with the World Bank serving as Trustee finances projects and programmes that help vulnerable communities in developing countries adapt to climate change.
According to the fund, “Initiatives for funding are based on country needs, views and priorities. Since 2010, the Adaptation Fund has committed about $1.25 billion for climate change adaptation and resilience projects and programmes, including 183 concrete, localized projects in the most vulnerable communities of developing countries around the world with about 45.8 million total beneficiaries.”