Brac and the German Development Bank (KfW) have signed two agreements to set up funds on climate change adaptation and climate-induced migration.
The project, titled “Climate Bridge Fund,” was drawn up after consultations between the two organizations. It shall be implemented with the objective of supporting communities in Bangladesh who are vulnerable to the impacts of climate change.
The agreements were signed on Tuesday, at the BRAC Centre in Dhaka. Brac and Brac International Senior Director (Strategy, Communication and Empowerment) Asif Saleh, KfW head of division (Urbanisation and Mobility, South Asia) Carla Berke, and KfW Bangladesh and Nepal regional office Director Regina Maria Schneider signed the agreements on behalf of their respective parties.
The initiative will provide funding to NGOs, as well as social and private sector institutions, for the implementation of projects to strengthen the resilience of vulnerable people in urban areas, who have either been displaced or are at risk of displacement due to climate change.
The fund, subject to government approval, will encourage sustainable operations which traditional development projects usually cannot provide. More details on the project will be published in the first quarter of 2018.