ESWATINIBANK has formally submitted its application for accreditation to the Green Climate Fund (GCF), marking a significant step towards unlocking direct climate financing for the country.
Speaking about the development yesterday, EswatiniBank Managing Director (MD) Dr Nozizwe Mulela said the milestone coincided with the bank’s 60th anniversary, reflecting its long-standing commitment to national development.
If successful, the accreditation will see EswatiniBank become a direct access entity, enabling the country to access climate finance directly without intermediaries.
Mulela described this as an important opportunity that would allow Eswatini to prioritise its own climate and development projects while strengthening national ownership.
“This will ensure resources are directed where they are needed most, helping to protect livelihoods and build a more resilient and sustainable future,” she added.
Mulela highlighted that green financing remained central to the bank’s strategy, revealing that over E210.8 million has been invested in the past three years in projects such as climate-resilient irrigation under LUSIP II, renewable energy, sustainable agriculture, and water systems.
She emphasised that the application process required the bank to meet strict international fiduciary standards.
Mulela said the institution had strengthened its systems to align with global benchmarks, incorporating gender equity, environmental and social safeguards, and robust corporate governance.
The GCF plays a critical role in supporting developing countries to address climate change through both mitigation and adaptation.
Once approved, funds accessed are expected to support projects that reduce emissions while helping communities adapt to climate-related challenges.
Looking ahead, the bank plans to develop a five-year concept paper focusing on bankable projects aligned with Eswatini’s Nationally Determined Contributions (NDC’s), including renewable energy, sustainable agriculture, water resource management, biodiversity conservation, climate-resilient infrastructure, and sustainable transport.
“We are inviting collaboration from government, the private sector and civil society. These priorities will be shaped by our stakeholders, whose insights and innovation are critical to our shared success,” she said.
Dr Mulela also acknowledged key partners, including the Ministry of Tourism and Environmental Affairs and the Food and Agriculture Organization, for their role in reaching the milestone.
“As we celebrate 60 years, we look forward to a successful application and to becoming Eswatini’s first direct access entity,” she said.
