The Development Bank of Nigeria Plc (DBN) has received the Green Climate Fund (GCF) Accreditation, becoming the first Direct Access Entity (DAE) and the only authorized Nigerian channel for accessing green financing from the GCF.
GCF created by the United Nations Framework Convention on Climate Change (UNFCCC) to boost global response to climate change has over $100 billion to give out to businesses across the globe.
In a chat with journalists in Abuja, yesterday, the Managing Director (MD) of DBN, Tony Okpanachi, described the accreditation as an extraordinary opportunity for Nigerian SMEs, in particular and the nation’s economy, in general.
He disclosed that individual benefiting SMEs could receive as between $50 million to $250 million loan under the arrangement. DBN, he added, would access the GCF fund for on-lending, blending with other funds sources for lending or project management.
The Green Climate Fund (GCF) is the world’s largest dedicated fund helping Small Island states, and least developed and developing countries reduce their greenhouse gas emissions and enhance their ability to respond to climate change.
