BRAC and the German Development Bank (KfW), on behalf of the German Government, signed two agreements to set up a fund on climate change adaptation and climate-induced migration, said a press release.
The project called 'Climate bridge fund' has been drawn through consultation between the two organisations with the objective of supporting the communities of Bangladesh vulnerable to the impacts of climate change.
The agreements were signed on Tuesday (Dec 12) at the BRAC Centre in the capital.
Asif Saleh, senior director, strategy, communication and empowerment, BRAC and BRAC International, Carla Berke, head of division, urbanisation and mobility, South Asia, KfW, Germany, and Regina Maria Schneider, director, KfW regional office, Bangladesh and Nepal, signed the agreement on behalf of the respective parties.
This initiative will provide funding to NGOs, social and private sector institutions to implement projects for strengthening resilience of the vulnerable people in urban areas who are either displaced or at risk of displacement due to climate change impacts.
The fund, subject to government approval, will encourage sustainable operations and their scaling up, which traditional development projects usually cannot provide.
More details on it will be published during the first quarter of 2018, the release added.