MFEM Successfully Reaccredited as a National Implementing Entity to the Adaptation Fund
The Ministry of Finance and Economic Management (MFEM) proudly announces its successful reaccreditation as a National Implementing Entity (NIE) to the Adaptation Fund, reaffirming its commitment to advancing climate resilience and sustainable development.
The Adaptation Fund Board approved MFEM's reaccreditation at its 41st meeting in October 2023. The accreditation is for five years and expires on 13 October 2028. MFEM was first accredited to the Adaptation Fund in 2016.
The Adaptation Fund is a vital component of the global climate finance architecture, supporting vulnerable communities in developing countries to adapt and build resilience to the impacts of climate change. As a National Implementing Entity, the Ministry of Finance and Economic Management is crucial in channelling funds from the Adaptation Fund to projects that address our nation's specific needs and challenges.
The reaccreditation process involved a rigorous assessment of the Ministry's capacity, capabilities and adherence to international standards in the climate finance architecture. The achievement underscores the diligence and expertise of the NIE PEARL PROJECT team and the Reaccreditation team that spearheaded this milestone, which Ms Talissa Koteka led. The team demonstrated exceptional proficiency in navigating the accreditation process.
The successful reaccreditation validates the Ministry's track record of sound financial management, project management and implementation, transparent governance, and a strong commitment to achieving tangible outcomes in the face of climate challenges.
In response to the reaccreditation, Mr Mani Mate, Director – Development Coordination Division at the Ministry of Finance and Economic Management, stated, "We are honoured to receive reaccreditation as a National Implementing Entity for the Adaptation Fund. This reaffirms our dedication to addressing the impacts of climate change and building a resilient future for our nation. We look forward to continuing our collaboration with the Adaptation Fund and other partners to implement impactful projects that benefit our communities and contribute to global climate resilience efforts."
Key highlights of the reaccreditation include:
1. Enhanced Capacity: The Ministry has demonstrated an enhanced capacity to design, implement, and monitor adaptation projects. This includes strengthened institutional frameworks and skilled personnel dedicated to climate resilience initiatives.
2. Successful Project Implementation: The Ministry's previous projects have effectively achieved their intended objectives, positively impacting vulnerable communities and ecosystems.
3. Financial Integrity: The Ministry continues to uphold the highest standards of financial integrity, ensuring that funds from the Adaptation Fund are utilized efficiently and transparently to maximize their impact.
4. Community Engagement: A commitment to community engagement and involvement in the design and implementation of adaptation projects, ensuring that local knowledge and needs are considered.
The Ministry of Finance and Economic Management expresses gratitude to the Accreditation Panel and the Adaptation Fund Secretariat for their continued support and guidance throughout the reaccreditation process. The Ministry remains committed to collaborating with national and international stakeholders to advance climate adaptation initiatives and secure a sustainable future for all.
15 November 2023
Acting Financial Secretary