The fund will be operated by six-member advisory committee chaired by Asif Saleh, executive director of Brac
Brac and the German Development Bank (KfW) has jointly launched a Climate Bridge Fund (CBF) of €11.735 million, with an aim to overcome climate induced vulnerability.
Brac and KfW launched the fund at an event at Brac Centre auditorium in Dhaka on Wednesday.-The fund will be operated by six member advisory committee chaired by Asif Saleh, executive director of Brac.
"The climate bridge fund will provide long term financing gaps in local level adaptation in urban areas," KfW Development Bank Country Director Anirban Kundu told the program.
"It is not a different kind of fund from other climate fund, but it is trying to do things differently" he added.
The fund has been formed with an aim to finance the continuation and scale-up of successful pilot projects to guide these into financial sustainability, innovative ideas for self-sustaining projects and operations and maintenance of essential urban infrastructure, that would otherwise remain idle.
Registered NGOs and Brac departments could apply for the fund.
CBF will open for call for proposals on February 16. NGOs those have experience of implementation at least two foreign funded projects in last three years can apply for the fund.
Kfw Development Bank will fund €11.73 million, while brac will contribute Tk190 million to the fund.
CBF will provide funds to three to five year projects from Tk0.5 million to Tk30 million each.
CBF will strengthens the resilience of vulnerable people in urban areas, who are either displaced or are at risk of being displaced due to the impacts of climate change.
The fund primarily supports vulnerable communities in city corporation areas of Khulna, Barisal and Rajshahi and municipalities of Satkhira and Sirajganj.