Green Climate Fund and Kuwait Fund sign MoU to strengthen climate finance cooperation for developing countries

The Green Climate Fund has signed a Memorandum of Understanding (MoU) with the Kuwait Fund for Development to strengthen cooperation in supporting developing countries as they tackle climate change, and to coordinate efforts in areas of shared development interest.

The agreement, signed on the sidelines of the annual meetings of the World Bank Group and the International Monetary Fund in Bangkok, Thailand lays the groundwork for joint support, exploration of co-financing opportunities and technical assistance. It also provides for coordinated operations and the exchange of information and expertise, particularly in climate-resilient infrastructure, water security, renewable energy, energy transition and disaster risk management.

GCF Executive Director Mafalda Duarte said:

"No single institution can meet the scale of climate investment developing countries need. This partnership brings new energy, new capital, and new momentum to the climate finance landscape. For decades, the Kuwait Fund has been a leading development-finance institution. As climate considerations become increasingly central to those investments, the Fund is helping expand the 177-strong coalition of institutions working with GCF to finance the transition. "

Rashaid Ali Al-Bader, Acting Director General of Kuwait Fund said:

“Cooperation with the Green Climate Fund is an opportunity to leverage the expertise and resources of both institutions in support of projects that strengthen development countries’ capacity to respond. We look forward to turning the MoU into well-designed projects that reflect beneficiary countries’ priorities.”