Coastal Resilience to Climate Change in Cuba through Ecosystem Based Adaptation – “MI COSTA” (GCF-FP157)

Countries
  • Cuba
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Green Climate Fund (GCF)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 16, 2021
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Government of Cuba
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 23.92 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 44.29 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ GCF website

Updated in EWS Mar 1, 2021

Disclosed by Bank Feb 23, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

Adaptation project to increase resilience to coastal flooding and saline intrusion on the southern coast of Cuba. The pillars of the project are: protection and rehabilitation of ecosystems, capacity building (both in government institutions and in communities) and strengthening of regulation.

The project will affect 1,300 km of coastline, benefiting more than 1 million people in 24 communities.

11,427 ha of mangroves, 3,088 ha of swamp forest and 928 ha of swampy grass will be restored, which in turn will improve the health of 9,287 ha of seagrass beds and 134 km of coral reef ridges.

The project also contemplates providing training to decision makers, teachers, leaders of the economic sector and local communities, with the objective of providing training to 60% of the population within the selected municipalities.

Environmental information will be distributed through a knowledge platform, to ensure the strengthening of regulatory frameworks and continuous feedback from and to communities, organizations and government.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

How it works

How it works