Kuwait Fund and Green Climate Fund Sign MoU to Support Developing Countries

The Kuwait Fund for Arab Economic Development signed a memorandum of understanding with the Green Climate Fund (GCF) to enhance cooperation between the two institutions in supporting developing countries in addressing climate change challenges and coordinating efforts in areas of shared developmental interest.

In a statement to KUNA, Al-Badr emphasized that addressing the impacts of climate change has become an essential component of development efforts in developing countries, noting that cooperation with the Green Climate Fund enables the leveraging of both institutions’ expertise and resources to support projects that strengthen developing countries’ capacity to confront these challenges.

He stated that the memorandum of understanding includes identifying projects eligible for joint support at early stages, exploring opportunities for joint financing and technical assistance, as well as coordinating operations and exchanging information and expertise, particularly in areas such as climate-resilient infrastructure, water security, renewable energy, energy sector transition, and disaster risk management.

For her part, Mavalda Duarte, Executive Director of the Green Climate Fund, stressed that no single institution can meet the scale of climate investments required by developing countries. She added that cooperation with the Kuwait Fund for Arab Economic Development aims to identify potential joint investment opportunities and mobilize additional climate and Islamic financing to support climate-resilient infrastructure and the water and energy sectors in the most vulnerable regions.