Nepal Investment Mega Bank granted accreditation by green climate fund for climate action investment

KATHMANDU:  In a significant move towards sustainable development, Nepal Investment Mega Bank Limited (NIMB) has been officially accredited by the Green Climate Fund (GCF) during the 38th meeting of the Fund’s Board of Directors held on Thursday. This accreditation solidifies NIMB’s role in promoting climate action and marks a pivotal moment for Nepal in expanding its presence within the GCF.

Nepal, already affiliated with the GCF through entities like the Alternative Energy Development Center (AEPC) and the National Nature Conservation Fund (NTNC), has broadened its reach by adding NIMB to its list of affiliates.

The GCF’s inclusive approach allows various entities, including private, public, non-governmental, national, regional, and international bodies, to seek affiliation by meeting the Fund’s stringent criteria.

To gain access, affiliated bodies must adhere to rigorous standards encompassing financial viability, structural arrangements, environmental and social security, gender policies, and a proven track record in implementing climate change-related projects. Once accredited, these entities can propose and manage projects and programs supported by the GCF.

NIMB, the result of a merger between Nepal Investment Bank Limited and Mega Bank Limited in January 2023, initiated its journey towards GCF affiliation in January 2019.

The bank’s proposal outlined comprehensive plans to engage in climate-friendly initiatives spanning multiple sectors, including energy production and access, transportation, infrastructure development, forest and land use, livelihood enhancement, as well as projects focusing on ecosystems and ecosystem services.

The strategic action plan of the Green Climate Fund for the period 2024 to 2027 has designated Nepal Investment Mega Bank (NIMB) as a link under the middle-level category of the fund. This recognition underscores the bank’s commitment to contribute to the global effort in mitigating climate change and fostering sustainable development.

As Nepal continues to strengthen its presence in the Green Climate Fund, NIMB’s accreditation signals a positive stride towards a more sustainable and climate-resilient future for the nation and the world.

Fiscal Nepal |
Sunday March 10, 2024, 11:27:35 AM |

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