France and UNDP sign €1.2M funding deal to strengthen climate resilience in Bangladesh
This €1.2 million grant will support the €300 million AFD Climate Policy-Based Loan Program in Bangladesh, reads a UNDP press statement issued today (30 May).
The Agence Française de Développement (AFD) and the United Nations Development Programme (UNDP) have finalised a €1.2 million grant agreement to commence phase 2 of the inclusive budgeting and financing for climate resilience (IBFCR) project in Bangladesh.
The grant will support the €300 million AFD climate policy-based loan programme in Bangladesh.
Stefan Liller, resident representative of UNDP Bangladesh, and Cecilia Cortese, deputy country director, AFD on Thursday signed the deal on behalf of their respective organisations at the Finance Division, Ministry of Finance in Dhaka, says a press release.
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Initiated by the Ministry of Finance, the technical cooperation aims to achieve strategic climate change-sensitive planning and budgeting management, strengthened climate public finance governance, and more effective planning and budgeting for climate finance at the local level.
UNDP's previous work with the Ministry of Finance on the climate fiscal framework and the first phase of IBFCR project has established a foundation for climate-sensitive public finance.
The second phase will deepen climate integration into policymaking and financial management, supporting Bangladesh's efforts against climate change and promoting resilient, low-carbon development in line with the national plan, reads the media release.
On the occasion, French Ambassador Marie Masdupuy said, "The grant funding agreement illustrates France's steadfast commitment to support Bangladesh in its effort to fight against climate change while achieving a resilient and low-carbon development pathway."
Resident Representative of UNDP Bangladesh Stefan Liller said UNDP will work closely with the Finance Division to ensure that climate change dimensions are more effectively mainstreamed in the policymaking and public financial management systems in Bangladesh for a more climate-resilient economy.
"We are excited to be part of the initiative and deeply appreciate France's enduring support also as one of UNDPs top core donors globally," he added.
Finance Division Secretary Md Khairuzzaman Mozumder said both UNDP and AFD play a critical role in addressing Bangladesh's development.
"I am hopeful that the IBFCR II project will add new dimensions to public climate finance in Bangladesh," he added.
Finance Division Additional Secretary Md Khairuzzaman Mozumder, among others, was present at the signing event.
