GCF and IDCOL sign key agreement on ambitious energy project

The USD 340.5 million project first received approval in November 2020 and is GCF’s largest contribution to a single country private sector project, with over USD 256 million in approved GCF financing. The project will provide financial and technical assistance to textile and garment producers, allowing them to transition to more energy efficient equipment and modern technologies that lower emissions and protect jobs and growth in this critical economic sector. Crucially, it will encourage private sector investment by encouraging local financial institutions to develop scalable lending and investment business model for climate mitigation and sustainable development of the sector.