Dhaka, Bangladesh (BBN)- The World Bank (WB) will provide grant worth US$12.50 million for capacity building of Bangladeshi communities against impacts of climate change.
The Economic Relations Division (ERD) and the WB Dhaka office signed an agreement to this effect in the capital Dhaka on Monday.
The WB’s fund will be channelled through non-governmental organizations (NGOs) to build the capacity of local communities to increase their resilience to flood, drought and saline water intrusion risks.
This is the first initiative to be financed by the Bangladesh Climate Change Resilience Fund (BCCRF).
The BCCRF has two windows - 90 per cent of its funds are allocated to public sector projects, while 10 per cent are channelled through local NGOs.
The BCCRF governing council decided that the state-owned Palli Karma-Sahayak Foundation (PKSF) will be the implementing agency for the NGO window. It will manage the WB-committed $12.5 million grant for the Community Climate Change Project (CCCP).
ERD Additional Secretary Arastoo Khan said: "The CCCP would protect the people, vulnerable due to climate change, by enhancing their adaptability to drought, flood, and saline water intrusion risks. The communities will share the lessons learnt with other vulnerable communities as well."
Acting head of the WB Dhaka office Christine Kimes said Bangladesh is one of the most densely populated and climate-vulnerable countries in the world.
"This project has the potential of fundamentally changing the lives of thousands of people by reducing their vulnerability to climate change risks," she added.
The project will establish a grant financing mechanism within the PKSF to channel funds directly to the NGOs for supporting community-based climate change adaptation activities.
The BCCRF supports implementation of the country's Climate Change Strategy and Action Plan 2009. It is an innovative partnership among the government, development partners and the WB to address the impacts of climate change.
The initiative will channel $170 million fund to strengthen the country's resilience to climate change. AusAID, Denmark, DFID, the European Commission, Sweden, Switzerland, and USAID have contributed to it.
BBN/SSR/AD-07Aug12-11:58 am (BST)
