GFCR approves blended finance support towards ocean-positive solutions for the Maldives.
April 4, 2023
UNDP Maldives is teaming up with Global Fund for Coral Reefs (GFCR) towards reef-positive solutions for the Maldives. The Global Fund for Coral Reefs (GFCR) was introduced in 2020 as the first blended-finance mechanism exclusively devoted to SDG14: Life Below Water.
The GFCR operates through two primary tools, a grant fund and an investment fund, with the goal of showcasing blended-finance solutions for the ocean that promote positive conservation outcomes for the most durable coral reefs and the communities that depend on this critical ecosystem, both directly and indirectly.
On March 24, GFCR approved blended finance support for Maldives’ marking a milestone in coral conservation efforts.
The Maldives' coral reef systems are the world's seventh largest and fifth most diverse ecosystem. Phase I of the Maldives RREEF initiative will be focused on two UNESCO Biosphere Reserves in the South of Maldives, Addu and Fuvahmulah.
Global Fund for Coral Reefs support will also launch the Maldives Resilient Reef Ecosystem and Economy for the Future (Maldives RREEF) initiative of Ministry of Environment, Climate Change and Technology, Maldives and UNDP Maldives, which will establish sustainable financing mechanisms to support coral conservation.
The Maldives RREEF initiative aims to establish sustainable financing mechanisms to support coral conservation and promote the development of projects and enterprises that contribute to the resilience of coral reefs and atoll communities.