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

Countries
  • Cuba
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
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 16, 2021
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Cuba
The holder of the loan, grant, or other investment.
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, etc.
Investment Amount (USD)
$ 23.92 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. 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, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ GCF website

Updated in EWS Mar 1, 2021

Disclosed by Bank Feb 23, 2021


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Project 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