The Green Climate Fund (GCF) has approved $175mn in funding for an Asian Development Bank (ADB) programme to support the government of Mongolia's efforts to improve rangeland management and reduce the climate vulnerability of its rural economy.
The GCF funding, which consists of a $130mn highly concessional loan and a $45mn grant, will supplement a $560mn Provinces and Soums Green Regional Development Investment Program. The programme is co-financed by the ADB, the European Investment Bank (EIB), the European Union and the private sector to provide a transformative model on green territorial development and urban-rural linkages where province and soums (subprovinces) become anchors of green agribusinesses that promote sustainable, resilient, and high-carbon sequestration management in Mongolia's rangeland. This is the second GCF funding for ADB in Mongolia.
GCF approved the funding at its 28th board meeting.
GCF, based in Songdo, Republic of Korea, is a global fund created to help developing countries address the challenge of climate change. GCF has approved total funding of $648mn for 11 ADB projects since 2015
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