Marshall Islands Agreement Signed
- Business & Finance
Green Climate Fund (GCF) Executive Director a.i., Javier Manzanares and Laura Tuck, World Bank Vice President for Sustainable Development have signed a project agreement to build the resilience of the Marshall Islands, which is facing an increased force of tropical storms that threaten its sustainability.
Manzanares commented: “The Pacific Resilience Project is critical to the future of the Marshall Islands and its people. GCF prioritizes support to Small Island Developing States (SIDS), which are so vulnerable to the impacts of climate change.”
“This is the first official signing of a project-level agreement between the Green Climate Fund and the World Bank”, said Laura Tuck Vice President for Sustainable Development, World Bank. “We’re particularly pleased that this is focused on climate resilience for one of the world’s most vulnerable island countries.”
The Pacific Resilience Project Phase II for Republic of the Marshall Islands (RMI) will support this low-lying nation in protecting its population against the impact of the increasing intensity of Pacific cyclones.
The project will improve resilience to the increasing risk from changes in waves and storm surge through new coastal protection measures. It will be co-financed by GCF and the International Development Association (IDA) of the World Bank.
GCF will provide a grant of $25 million, matched by a direct grant from IDA of $19.631 million and an additional $4 million through an IDA regional grant.