MFCL Becomes First Maldivian Institution to Receive Green Climate Fund Accreditation

The Maldives Finance and Leasing Company (MFCL) has become the first National Direct Access Entity in the Maldives to receive accreditation from the Green Climate Fund (GCF), paving the way for the country to directly access financial assistance for climate-related projects without relying on external parties. The accreditation was approved during the 46th meeting of the GCF Board held in South Korea from the 26th to the 29th of this month. The Ministry of Environment, Energy and Climate Change described this as a historic achievement, marking the first time a Maldivian institution has become a GCF 'Direct Access Entity'. The GCF is the world's largest fund established to support efforts by developing countries to address climate change impacts and reduce greenhouse gas emissions. With this accreditation, the burden on international bodies will be reduced, creating opportunities for national institutions to directly collaborate with the GCF to design and implement projects, thereby enhancing the country's leadership and capacity in such matters. Over the past 11 months, under the support and guidance of the Ministry and the GCF Secretariat, MFCL has undertaken extensive work to complete the accreditation stages. The institution has strengthened its management and technical standards, overcome challenges, and enhanced its capabilities in accordance with GCF criteria. The Ministry stated that in conjunction with the accreditation, MFCL will seek opportunities to provide financial assistance for climate change adaptation and greenhouse gas emissions reduction across sectors including renewable energy, the green economy, maritime transport, water security, and other areas. Work will be conducted in alignment with the country's national plans on climate change. Efforts to access international funds directly will be further expanded, continuing the Maldives' commitment and sustainable development initiatives.