Adaptation Fund accredits PKSF as implementing entity
BI Report || BusinessInsider
Logos of PKSF and Adaptation Fund
Palli Karma-Sahayak Foundation (PKSF), the state-owned microfinance organisation, has been accredited by the Adaptation Fund as the national implementing entity in Bangladesh.
The recognition came at a meeting of the Adaptation Fund Board in Washington, USA, on August 3, 2021. The Adaptation Fund is an international fund that finances projects and programmes aimed at helping developing countries to adapt to the harmful effects of climate change
“The PKSF received recognition for its work plan and efficiency in combating the adverse impacts of climate change,” said the PKSF in a statement on Thursday.
The Adaptation Fund selected PKSF as its national implementing entity in Bangladesh for the next five years, it said.
PKSF is the 34th entity, and the only one from Bangladesh, to receive the accreditation of the Adaptation Fund, created in 2007. This will increase PKSF’s access to international funds for facing climate change fallout.
In 2017, it was accredited as the national implementing entity of the Green Climate Fund (GCF) established under the United Nations Framework Convention on Climate Change (UNFCCC).
The Adaptation Fund was established under the Kyoto Protocol of the UN Framework Convention on Climate Change, and since 2010 it has committed about US$778m for climate change adaptation and resilience projects and programmes, including 114 concrete localised adaptation projects in the most vulnerable communities of developing countries around the world with nine million direct beneficiaries.
