WINDHOEK, July 3 (Xinhua) -- The Development Bank of Namibia (DBN) has become the first Namibian institution to gain official accreditation by the Green Climate Fund (GCF) as a Direct Access Entity under the medium-sized project category.

The development was confirmed on Thursday during the GCF's 42nd board meeting in Port Moresby, Papua New Guinea.

Jerome Mutumba, the DBN's chief marketing and corporate affairs, said the accreditation is not just an institutional milestone but also a national breakthrough.

"As a GCF-accredited entity, we are now equipped to mobilize climate finance and unlock green investments that will advance Namibia's climate ambitions through impactful partnerships and sustainable development initiatives," he said.

According to Mutumba, the move expands beyond previous accreditations that were solely for grant funding, marking a new era for climate finance access in the southern African nation.

The accreditation is expected to promote increased investment in climate adaptation and mitigation projects throughout Namibia, he said.

The GCF, established as part of the Paris Agreement, is the world's largest dedicated climate fund. Its mission is to support developing countries in achieving their climate goals by facilitating low-emission and climate-resilient development.

The Paris Agreement is a legally binding international treaty on climate change adopted at the United Nations Climate Change Conference in Paris, France, on Dec. 12, 2015. It entered into force on Nov. 4, 2016.

With this accreditation, the DBN is now eligible to design, submit, and implement climate adaptation and mitigation projects valued between 50 million and 250 million U.S. dollars, directly accessing international climate finance without intermediaries. Enditem