IDB partners with Nordic Development Fund to finance SME climate resilience
NDF provides EUR 3.5 million to develop climate resilience in micro, small and medium-sized enterprises in Latin America and the Caribbean
The Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group, and the Nordic Development Fund (NDF) have announced the launch of a $11,865,000 regional facility, PROADAPT, which will support micro, small, and medium enterprises (MSMEs) in building climate resilience and accessing green business opportunities. The agreement establishing PROADAPT was signed March 15 in Panama City, Panama, during the 2013 Annual Meeting of the IDB Board of Governors.
The program, which will target framework institutions of MSMEs will provide grants to finance adaptation action plans and development of business models that will help companies identify concrete adaptation measures and possible investment opportunities in specific sectors, value chains and geographical areas.
PROADAPT will furthermore finance about 10 individual pilot projects to provide MSMEs with practical examples of intervention to help enterprises reduce their vulnerability to climate impacts.
MSMEs in the region will also benefit from a special climate change adaptation knowledge platform that will share knowledge, models, methodologies and lessons learned from the project. The PROADAPT knowledge platform will furthermore include case studies and lessons learned shared by stakeholders from other programmes and businesses.
About the Multilateral Investment Fund
Established in 1993, as part of the Inter-American Development Bank (IDB) Group, the Multilateral Investment Fund (MIF) was created to develop effective approaches to support economic growth and poverty reduction through private sector-led development in support of micro, small and medium enterprises (MSMEs) benefitting the poor—their businesses, their farms, and their households.
