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Proparco and the Green Climate Fund (GCF) recently signed an Accreditation Master Agreement, which enables Proparco to mobilise GCF resources in order to finance projects tackling climate change.

Proparco was first accredited as a financial intermediary by the GCF in December 2016. The Agreement signed recently sets out the underlying responsibilities and procedures in order to work together to implement GCF-approved climate finance projects. It constitutes the final step in the GCF’s full accreditation process.

Commenting on this signature, Gregory Clemente, CEO of Proparco, said: “The Signing of the Accreditation Master Agreement is an important milestone in our partnership with the Green Climate Fund. We now have even more reason to be ambitious and confident about our ability to further support the private sector’s climate change mitigation and adaptation efforts.

Yannick Glemarec, Executive Director of the Green Climate Fund (GCF), said: “Proparco’s track record in boosting private sector investment to achieve the Sustainable Development Goals dovetails strongly with GCF’s mission to promote low-emission and climate-resilient development.” 

He added: “Proparco’s ability to promote positive change was evidenced by its pivotal role in the Choose Africa initiative, recently launched by French President Emmanuel Macron to invest EUR 2.5 billion to accelerate the growth of small and medium-sized enterprises in Africa.

The partnership between the AFD Group and the GCF first materialised through AFD’s $750M Transforming Financial Systems for Climate programme to which the GCF contributed US$280M. Through this unprecedented programme, Proparco and AFD will both be able to encourage local financial institutions to transform their financing practices in favour of the fight against climate change.