Banque Agricole committed to accreditation for the Green Climate Fund
The accreditation of the Banque Agricole (LBA) was approved during the 26th session of the Board of Directors of the Green Climate Fund (GCF), held in August 2020 in virtual mode. It thus becomes the first commercial bank accredited to the Fund. Faced with the financing needs of activities planned for the mitigation and adaptation to climate change, it is now crucial to strengthen funds from private sources, such as project promoters, commercial financial institutions, philanthropic organizations, NGOs, businesses, etc. the LBA, in line with its orientations in terms of sustainable financing, has therefore embarked on the path of accreditation to the GCF, the receptacle of the bulk of climate financing.
This accreditation makes LBA the second Senegalese entity, implementing partner of the GCF for direct access, after the Center for Ecological Monitoring. A new stage of development that will allow the bank to continue its dynamic of product diversification in order to better meet the needs of an increasingly demanding clientele and to overcome the uncertainties of an economy exposed to climate and now health risks.
The bank's counters are open to the national private sector for the creation and submission to the GCF of structuring projects with strong climate impacts. The projects concerned must respond to Senegal's priorities set out in the Country Program for the GCF and the Nationally Designated Contribution (NDC).