The World Green Economy Organisation (WGEO) has announced that it has been open to receiving funding and investment requests from its member states since early June to support green economy initiatives.
In remarks made to the Emirates News Agency (WAM) during the conclusion of the 10th World Green Economy Summit in Dubai, Abdulrahim Sultan, director-general of WGEO, shared that the organisation is now accepting requests from its 86 member countries. He highlighted that the total funds available for financing and investment through WGEO amount to $1.1 billion.
Sultan elaborated that these funds are sourced from private sector investors and organizations eager to invest in green economy projects.
He also mentioned that WGEO will soon launch the projects that will be developed with these investments. Several proposals have already been submitted by various nations and are currently being assessed for their eligibility for funding.
In discussing the project implementation process, Sultan indicated that the organization collaborates with member states, which subsequently communicate information through relevant authorities or channels, such as ministries or agencies, to notify WGEO of projects requiring financial assistance. He noted that the next step involves the organization evaluating these projects to assess their compliance and eligibility for funding. Once the private sector funding entities approve the projects, the respective countries will be informed about which projects have been selected for financing.
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