The Acting Chairman and CEO of the Cooperative and Agricultural Credit Bank (CAC Bank), Mr. Hashid Al-Hamdani, met with the representative of the Green Climate Fund, Mr. Baoun Fakhruddin, and his team on the sidelines of the COP16 conference, coinciding with CAC Bank’s participation in the 16th Conference of the Parties (COP 16) to the United Nations Convention to Combat Desertification, held in Riyadh, Saudi Arabia, from December 2 to 13, 2024.

During the meeting, both parties discussed the importance of cooperation and joint efforts with the fund to continue the partnership in order to achieve sustainable development goals, address shared climate challenges, and enhance cooperation between financial institutions and climate funds. This would help provide the necessary funding for climate adaptation and mitigation projects. COP 16 is an important platform for discussing climate issues and exchanging information among countries and institutions.

Al-Hamdani emphasized during the meeting that these strategic partnerships play a vital role in achieving sustainable development and help tackle the climate challenges faced by many countries, including Yemen.

He also pointed out that cooperation between financial institutions and the climate fund could lead to securing necessary funding for climate adaptation and mitigation projects. This cooperation will benefit local communities and the environment in Yemen, thus supporting the country’s efforts to combat climate change and work towards a more sustainable future.

The Green Climate Fund, established under the United Nations Framework Convention on Climate Change, operates as an entity for managing the financial mechanism to assist developing countries in adapting to and addressing the challenges posed by climate change.