The European Commission have confirmed that a Climate Change Trust Fund of 6.5 million Euros will be provided to the Government of the Maldives to assist with mitigation and adaptation projects and technical support on climate change.
The Fund will be administered by the World Bank and will be executed by the Government of the Maldives. The decision comes after a meeting President Mohamed Nasheed had with World Bank President Robert B. Zoellick on 15th December as part of his visit to Copenhagen for the COP 15 climate change summit.
The Fund will be sourced from contributions from the European Commission primarily under its Global Climate Change Alliance initiative.
The Government and the Maldives Mission to the EU have pressed hard for Maldivian inclusion within this initiative and indeed the Maldives was one of the first countries chosen to benefit from assistance.
Completing the procedure, a tripartite Memorandum of Understanding between the Government of the Maldives, the World Bank and the European Commission is due to be signed in the New Year.
The Fund will aim to focus on mitigation, in particular promoting low carbon development and adaptation with emphasis on building a climate resilient economy.