DUBAI: The World Green Economy Organisation (WGEO) announced today that it has been accepting funding or investment requests from member states since the beginning of June to finance green economy projects.

In statements to Emirates News Agency (WAM) on the sidelines of the 10th edition of the World Green Economy Summit, which concluded today in Dubai, Abdulrahim Sultan, Director-General of WGEO, said that the organisation has begun receiving requests from its 86 member countries. He noted that the funds available for financing and investment through the organisation amount to US$1.1 billion.

He explained that these funds come from private sector investors and entities looking to invest in green economy projects.

Sultan further indicated that WGEO will soon announce the projects that will be implemented using these investments. He added that several projects have already been submitted by various countries and are currently under evaluation to determine their eligibility for funding.

Regarding the project
implementation process, he explained that the organisation communicates with member states, which in turn, through the relevant authorities or communication channels, such as ministries or agencies, inform WGEO of the projects they deem in need of funding. ‘The next step involves the organisation reviewing the projects to assess their compliance and eligibility for funding. Once approved by the private sector funding entities, the concerned country is notified of the projects selected for funding,’ Sultan said.

Source: Emirates News Agency