Cities and Villages Development Bank passes regulatory policies to access Green Climate Fund

23-12-2020 12:37 PM

Ammon News - Jordan's Cities and Villages Development Bank (CVDB) has passed key regulatory policies needed to access a climate-dedicated credit window from the Green Climate Fund and enable municipalities across the Kingdom to carry out climate-friendly projects.

CVDB Director-General Osama al-Azzam noted that the bank applied to the Green Climate Fund in 2019 and had received technical assistance from the Global Green Growth Institute in the preparation and submission of the application, in addition to developing policies and standards that meet the fund's requirements.

He told Petra that the bank had demonstrated its commitment to meeting international standards and supporting sustainable development agenda in Jordan, through projects funded by international development partners, such as the European Investment Bank and the World Bank.

Secretary-General of the Ministry of Environment Muhammad Kashashneh stressed that the CVDB's access to the Green Climate Fund will help drive low-carbon development projects forward and will support infrastructure rehabilitation projects aimed adapting to climate change.

The policies approved by the bank are: The Gender Policy, Environmental and Social Safeguards Policy, Disclosure Policy, Reporting and Whistleblower Protection Policy, Monitoring and Evaluation Policy, Anti-Money Laundering and Terrorist Financing Policy and Conflict of Interest Policy.

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