National Designated Authority (NDA) for the Green Climate Fund and Adaptation Fund National Coordinator, Billy Katontoka, has announced ongoing efforts to utilize Green Climate Fund Readiness funds acquired through the Development Bank of Zambia, prior to its liquidation, to enhance the capacity of project developers in Zambia.
Mr Katontoka made this statement during a panel discussion on the topic Actualizing Zambia’s Green Growth Strategy: Unpacking Finance and Other Enabling Pillars at the COP29 Conference in Azerbaijan.
He highlighted that a significant obstacle for project developers in Zambia is the lack of technical expertise required to formulate high-quality, fundable project proposals for climate change initiatives.
Mr. Katontoka emphasized that developing technical documents that meet international funding standards is crucial for mobilizing resources necessary for impactful project implementation.
“There is need to establish parallel financing mechanisms that are unique to Zambia’s social economic environment, such as village banking systems, to provide timely and affordable funding for rural project developers,” said Mr. Katontoka in a statement issued to RCV News in Lusaka today.
Mr. Katontoka further urged Zambia’s financial sector to actively promote public awareness about green loans and educate citizens on the necessary prerequisites for accessing these funds.
By Chimba Chilopa
