The 44th meeting of the Green Climate Fund (GCF) Board has approved USD 960.3 million in new climate finance for developing countries, greenlighting 18 new projects for climate action around the world. The new approvals raise GCF’s total portfolio past the USD 20 billion mark across 354 projects and programmes, reinforcing its position as the world’s climate fund for developing countries.
In a landmark decision, and in strong support of the GCF’s reform agenda, the Board also selected host cities for regional offices, marking the first time GCF will have a physical presence closer to the developing countries it serves. By establishing offices in Africa, Latin America and the Caribbean, Eastern Europe, Central Asia and the Middle East, and the Pacific, GCF will strengthen coordination with its national government focal points (National Designated Authorities) and project partners (Accredited Entities), ensure readiness support is aligned with country needs, accelerate project preparation, and improve implementation and monitoring of results.
The Board has decided that GCF will open regional offices in
- Latin America and the Caribbean, located in Panama City, Panama;
- Eastern Europe, Central Asia and the Middle East, located in Amman, Jordan;
- Africa: a regional office operating across two locations:
- East and Southern Africa in Nairobi, Kenya;
- Central, North and West Africa in Abidjan, Côte d’Ivoire;
- Pacific: a subregional office covering the Pacific, located in Suva, Fiji.
The Board confirmed that the GCF headquarters, located in the Republic of Korea, will cover East, Southeast, and South Asia.
The meeting had a strong focus on Africa, with seven projects channeling approximately USD 441 million – 46 per cent of new funding – to the continent. This includes ASCENT-GREEN, a USD 250 million programme with the World Bank to support resilient energy access across 21 countries in Eastern and Southern Africa, the largest single project approved at B.44. The Board also approved the first-ever single-country GCF investments in Chad, Jamaica and The Bahamas.
The meeting also approved 10 new entities for accreditation, six of which are Direct Access Entities from Barbados, Bhutan, Kyrgyzstan, Nigeria, Republic of Korea and the State of Palestine, working at the regional or national level in developing countries.
GCF hosted the 44th Board meeting (B.44) at its Songdo headquarters from 25 to 28 March 2026.
Co-Chair Amb. Seyni Nafo from Mali said: “The USD 960.3 million in investment agreed at this Board will deliver climate finance at scale for developing countries around the world. With nearly half of our new investments directed to Africa and first-ever single-country projects in Chad, Jamaica and The Bahamas, we are reaching communities that need climate finance the most. I am also delighted to see the accreditation of 10 new partner organisations – six of them direct access entities – including the first national direct access entity for Palestine. This signals GCF’s continued commitment to country-ownership of climate action. The decision on regional presence will bring the Fund even closer to the countries it serves, and I am particularly delighted that there will be two locations for the African regional office, in Nairobi and Abidjan.”
Co-Chair Leif Holmberg from Sweden said: “This meeting marks another step forward in making GCF a more efficient and effective institution. The decision to establish regional offices brings GCF closer to its partners and will increase our efficiency in the delivery of climate finance on the ground. I am pleased that six projects were approved through our streamlined assessment approach, demonstrating that our reforms are delivering faster pathways to climate finance. It is also great to see that seven project agreements were signed immediately after the Board meeting, ensuring that these investments reach communities without delay.”
Executive Director Mafalda Duarte stated: “The approval of regional presence is a landmark moment for GCF. The selection of host cities for our regional offices will bring us closer to the countries that we serve, increasing impact and engagement. I would like to thank all 43 countries who expressed an interest in hosting a GCF office and reassure them that the decision on regional presence will strengthen our engagement across all countries. Combined with nearly USD 1 billion in new project approvals and 10 new Accredited Entities, this meeting shows that GCF is delivering at the speed and scale needed. Our reforms, our USD20 billion investment portfolio and our growing partnerships are enabling the Fund to deliver on its 50 by 30 vision with greater impact. At a time when multilateralism is under unprecedented pressure, GCF is demonstrating that a balanced approach engaging both developed and developing countries is delivering an ambitious response to the climate crisis.”
GCF Board Co-Chairs, Seyni Nafo and Leif Holmberg, were reappointed to serve a second term in 2026.
GCF works through a network of 168 partner agencies (‘Accredited Entities’) with projects in more than 130 countries. This unrivalled global network includes over 110 regional and national entities (Direct Access Entities, or DAEs) from the public, private, and non-profit sectors, as well as international financial institutions such as Multilateral Development Banks, United Nations agencies, and commercial banks.
