Namibia is aiming to access funding of about 1.2 billion Namibian dollars (80 million U.S. dollars) from the Green Climate Fund (GCF), Environmental Investment Fund (EIF) said Friday.
Speaking in an Interview, EIF Chief Executive Officer Benedict Libanda said the country was aiming at large scale funding in the next replenishment.
“Our strategy is to diversify the GCF investment portfolio in Namibia by accessing funding at large scale. This will be in the areas of renewable energy, water infrastructure as well as resilient building of communities especially the vulnerable ones,” Libanda said.
He also said, the EIF was aligning its project financing towards youth entrepreneurship.
“When you look at the people who will be mostly affected by climate change, they are the youth so what we have done is to come up with different funding mechanisms and programs. We will be financing start-up projects mainly in the green sector,” he said.
He added that Namibia will be looking at developing capacity within the Climate Change sphere.
The Green climate fund is a climate mechanism assisting developing countries in climate mitigation.
Namibia through the EIF already accessed about 600 million Namibian dollars from the green climate fund for adaptive projects.