The United States Agency for International Development (USAID) awarded more than $300,000 to the Small and Medium Enterprise Development Finance Corporation (SDFC), a leading financial institution assisting micro, small and medium enterprises, and FJS Consulting, a business development firm, to support climate resilience interventions in the Maldives.
USAID will provide an $86,000 grant to SDFC to become the first Maldivian organization to be accredited as a National Implementing Entity that can directly access funding from the Green Climate Fund. The Green Climate Fund is the financial mechanism established under the United Nations Framework for Climate Change to assist developing countries in adaptation and mitigation practices to counter climate change.
USAID also provided a $204,000 grant to FJS Consulting to design an Enterprise Development Program to identify and rapidly develop innovative climate-smart solutions that reduce the risk of climate driven impacts on tourism, fisheries and agriculture associated investments. Speaking at the award ceremony, USAID/Sri Lanka and Maldives Mission Director, Gabriel Grau, said “USAID is committed to improve the lives and livelihoods of the people of Maldives. To do this, USAID collaborates with the private sector to co-create and co-fund innovative solutions to climate change and revitalize key economic sectors in Maldives.”
USAID awarded these grants, the first of a series, through the USAID Climate Adaptation activity. This $10.5 million, five-year activity will strengthen the resilience of Maldives to climate risk.
This initiative supports the Government of Maldives’ Strategic Action Plan Policy to create resilient communities in the face of the climate change crisis. To find out more about USAID’s work, please visit https://www.usaid.gov/maldives