South Korea's Ministry of Economy and Finance published the outcomes of a Green Climate Fund (GCF) Board meeting held in Incheon, noting approval of 18 new projects and accreditation of 10 new entities, including the Korea International Cooperation Agency’s (KOICA) first GCF-funded project and accreditation of the Asian Forest Cooperation Organization (AFoCO). KOICA’s Ethiopia urban climate resilience project totals USD 47 million and will support climate-resilient urban development through forest restoration, wetland creation and expanded urban agriculture, alongside nature-based solutions and capacity building for the Ethiopian government. The Board co-chair characterised the initiative as a positive Korea–Ethiopia partnership and highlighted knowledge and experience transfer from Korea; the ministry expects the project to benefit around 1.6% of Ethiopia’s population directly or indirectly. AFoCO’s accreditation brings the number of South Korean GCF accredited entities to four, alongside Korea Development Bank, KOICA and SK Securities. As a member of the GCF’s fifth Board for 2025–2027 and host country for the fund’s headquarters, the ministry indicated it will strengthen cooperation with the GCF and continue supporting domestic climate-related institutions and companies seeking to participate in GCF projects.
Ministry of Economy & Finance (South Korea) 2026-03-29
South Korea's Ministry of Economy and Finance reports Green Climate Fund approval of KOICA’s first USD 47 million Ethiopia project and AFoCO accreditation
South Korea’s Ministry of Economy and Finance reported that the Green Climate Fund Board approved 18 new projects and accredited 10 new entities, including the Korea International Cooperation Agency’s first GCF-funded project and the Asian Forest Cooperation Organization. KOICA’s USD 47 million Ethiopia urban climate resilience project will support climate-resilient urban development, while AFoCO’s accreditation brings the number of South Korean GCF-accredited entities to four. As a GCF Board member and host of its headquarters, the ministry plans to deepen cooperation with the fund and support domestic climate-related institutions and companies in accessing GCF projects.