ADB climate project in Mongolia secures $175m in GCF funding
The Green Climate Fund has approved $175 million in funding for an Asian Development Bank program to support the Government of Mongolia’s efforts to improve rangeland management and reduce climate vulnerability of its rural economy.
GCF funding, which consists of a $130 million concessional loan and a $45 million grant, will supplement a $560 million Aimags and Soums Green Regional Development Investment Program. The program is cofinanced by ADB, the European Investment Bank, the European Union, and the private sector. This is the second GCF funding for ADB in Mongolia.
The program will promote low-carbon, climate-resilient territorial development and green economic diversification by supporting sustainable livestock sector management and reverse rangeland degradation. It will also strengthen local agribusiness value chains to link sustainable herding with low-carbon and climate-resilient business development, and support vulnerable herder groups by empowering them in sustainable rangeland management practice and creating green jobs to overcome the economic downturn related to the coronavirus disease.
