MFLC becomes Maldives’ first national entity accredited to Green Climate Fund

Maldives Finance and Leasing Company Private Limited (MFLC) has become the first Maldivian national institution accredited as a Direct Access Entity to the Green Climate Fund (GCF).

The accreditation was approved at the 46th meeting of the GCF Board, held in Songdo, Republic of Korea, from 26 to 29 October.

The status allows MFLC to work directly with the GCF to develop and submit funding proposals for climate-related projects and programmes in the Maldives.

It also provides the country with a domestic institutional channel to access international climate finance, reducing reliance on external intermediaries for the development of GCF-supported projects.

MFLC’s climate financing priorities include renewable energy, sustainable transport, water security, waste and circular economy solutions, resilient infrastructure and energy efficiency.

The company already provides financing for areas including electric transport, solar photovoltaic systems, energy-efficient cooling and sustainable water solutions.

As a national accredited entity, MFLC is expected to support greater participation by local businesses and institutions in climate-related investment and financing.

The accreditation does not guarantee funding for individual projects, with future proposals remaining subject to the GCF’s approval processes.

The Green Climate Fund is an international climate finance institution supporting developing countries in projects aimed at reducing greenhouse gas emissions and strengthening resilience to climate change.