Acumen Pakistan has secured a $28 million anchor funding for a new $90 million Climate Fund targeting the agriculture sector in Pakistan. The initiative is structured as an innovative blended finance facility, with $80 million in equity funding allocated for early and growth-stage local agribusinesses. An additional $10 million will be used for grant funding to offer targeted assistance in enhancing the business models of investee companies and bolstering the overall climate resilience of the ecosystem in Pakistan.    The floods of 2022 and the ensuing attention Pakistan has gotten at COP27 and COP28 have made it clear that there is a dire need for some sort of monetary interventions to help fix the climate crisis. Pakistan continues to rank among the most climate-vulnerable countries in the world. The agriculture sector is the most affected and grapples with issues of productivity, efficiency, and inability to respond to climate shocks. Agribusinesses are largely unable to secure financing to develop adequate solutions, and smallholder farmers remain extremely susceptible to climate disasters.The Green Climate Fund is the world’s largest dedicated climate fund and the main multilateral financing mechanism for developing countries like Pakistan in responding to climate change.  (ICE ISLAMABAD)

Fonte notizia: business recorder