Erasmus Shalihaxwe
The Development Bank of Namibia (DBN) has received official accreditation from the Green Climate Fund (GCF) as a direct access entity under the medium-sized project category.
DBN’s chief of marketing and corporate affairs, Jerome Mutumba, announced the development this week following confirmation at the GCF’s 42nd board meeting held in Port Moresby, Papua New Guinea, from 30 June to 3 July 2025.
Mutumba said DBN is the first Namibian institution to be accredited by the GCF for medium-scale funding as a direct access entity, beyond those previously accredited only for grant funding.
“The GCF accreditation marks a transformative milestone for Namibia, granting DBN direct access to international climate finance and empowering DBN to independently propose and implement high-impact projects that address both climate change mitigation and adaptation,” he said.
Mutumba said the accreditation reinforces DBN’s alignment with international best practices in financial, environmental, social, and gender standards.
He noted that it positions the DBN to drive inclusive green growth by leading climate-smart investments that promote sustainable economic development.
He added that the accreditation is also in line with DBN’s integrated strategic business plan (2024–2029), which emphasises its commitment to long-term financial sustainability.
He said the plan focuses on achieving sustainable profitability and implementing a forward-looking funding strategy to explore global green and impact investment markets.
By diversifying its funding sources, DBN aims to create an optimal funding mix that reduces capital costs, improves financial resilience, and helps lower financing costs across the Namibian economy.
“The GCF, established as part of the Paris Agreement, is the world’s largest dedicated climate fund. Its mission is to support developing countries in achieving their climate goals by facilitating low-emission and climate-resilient development.”
With the accreditation, DBN can now directly design, submit, and implement climate adaptation and mitigation projects valued between USD 50 million and USD 250 million (approximately N$930 million to N$4.65 billion), without relying on intermediaries, Mutumba said.
This enables DBN to directly access international climate finance.
He said the accreditation is not only an institutional milestone but a national breakthrough.
As a GCF-accredited entity, DBN can now mobilise climate finance and unlock green investments to support Namibia’s climate goals through impactful partnerships and sustainable development projects.
“DBN will now focus on strengthening its project origination and development capabilities by building a robust pipeline of climate-aligned initiatives. This includes enhancing the technical quality and readiness of concept notes to meet GCF standards and working collaboratively with public and private sector stakeholders to mobilise funding for impactful green investments across Namibia,” he said.
The Green Climate Fund is a global fund created to support developing countries in responding to the challenges of climate change. It funds adaptation and mitigation initiatives and is a key part of the United Nations Framework Convention on Climate Change (UNFCC).
