The Asian Development Bank (ADB) has secured funding from the Green Climate Fund (GCF) for its climate change project in Cambodia. The GCF will provide $30 million in grant and $10 million in loan to complement ADB’s loan of $90 million to help develop climate-friendly agribusiness value chains.

GCF funds will be used for enhancing the resilience and productivity of target crops, rehabilitating production and post-harvest infrastructure to climate resilient condition, and for reducing the carbon footprint along the value chains by promoting solar and bioenergy. 

The new funding was approved during the 19th meeting of the GCF board last 27 February to 1 March in Songdo, Republic of Korea. ADB has secured $190 million in total funding—comprising of $85 million in grants and $105 million in concessional loans—from the GCF for its climate change projects in Cambodia, Mongolia, and Tajikistan, shoring up the bank’s efforts to increase its climate financing for the Asia and Pacific region. 

“ADB has an ambitious plan to provide annual climate financing of $6 billion by 2020 from its own resources,” said Bambang Susantono, ADB Vice-President for Knowledge Management and Sustainable Development. “The funding from GCF will complement this effort and help our developing member countries address the effects of climate change and meet their commitments under the Paris climate agreement.” 

GCF, based in Songdo, is a global fund created to support the efforts of developing countries to respond to the challenge of climate change.