International accolade for EIF
16 September 2020 | Environment
In a media statement, EFI cooperate communications officer Lot Ndamanomhata said that the fund was awarded for its exemplary financing in Climate Change Resilient Livelihoods. “We received the award thanks to projects that benefited local communities, protecting the environment and ensuring sustainable development,” he said.
He added that the establishments of products such as financial grants, concessional loans, the green soft loans scheme, sponsorship and bursaries, are all in line with the aims and objectives of the fund, namely to mobilise funding for the maintenance of an endowment fund that will generate an income and that promote the sustainable use of the environment and its natural resources as well as the maintenance of biological diversity and ecological processes.
Moreover, the fund successfully mobilised more than N$1.2 billion of investment in Namibia over the past three years. This amount is a combination of multilateral and Development Finance Institutions.
The Green Climate Fund financially supported the EIF with an amount of N$560 million in grants for climate change adaptation interventions in Namibia, while in 2018, the French Development Agency invested N$800 million through Sustainable Utilisation of Natural Resource and Energy Financing program, which is a three year initiative dedicated to promoting new renewable energy finance.
“To date, more than 238 000 people have benefited and continue to benefit from the different projects managed under the EIF,” Ndamanomhata said.
The Karlsruhe Sustainable Finance Award honours financial institutions or organisations and presidents or chief executives with significant contributions to the field of sustainable banking and finance.