GGGI in collaboration with the Ministry of Finance and Public Credit of the Government of Nicaragua is rolling technical assistance program to the Government of Nicaragua titled “Mobilizing Climate Finance and Private Investments for Low-Carbon Development in Nicaragua”. The program, funded by the Green Climate Fund (GCF) Readiness and Preparatory Support Program, aims to enhance the institutional capacity, strategic frameworks, and project pipeline of the Government of Nicaragua to increase the mobilization of national and international climate finance and private investments for the implementation if the nationally determined contribution (NDC) and low carbon development.
Nicaragua’s Nationally Determined Contribution (NDC) was originally submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in 2018 and updated in 2020. The development of the country’s NDC followed a highly participatory and consultative process, prioritizing engagement and validation with vulnerable groups, including native, afro-descendants and indigenous communities, women and youth. The resulting NDC is a highly ambitious plan inclusive of mitigation and adaptation measures. Nicaragua relies on concessional international climate finance from development partners to finance its development and climate change objectives.
However, the achievement of Nicaragua’s NDC targets requires a substantial increase in the volume of public and private, national, and international climate finance invested in the country. The significant investment and efforts required for Nicaragua to implement its development and climate change plans risks being hampered by the impact of the 2018 attempted coup, COVID-19 pandemic and hurricanes Eta and Iota, which hit the country, almost simultaneously, after a prolonged period of high debt-financed public infrastructure investments, weakening the country’s economic outlook, shifting priorities towards economic recovery, and reducing fiscal and policy space to pursue priority climate change initiatives. Although international climate finance offers some relief to the country´s growing debt to GDP ratio, the decreasing level of international aid and limited private sector participation in the country’s development agenda undermines the long-term sustainability of this fiscal approach. GGGI program aims to support the Government of Nicaragua’s climate finance efforts by delivering a set of complementary workstreams:
– Workstream 1: Development of a climate finance roadmap
– Workstream 2: Accessing the green bond market to raise affordable long-term finance earmarked to priority mitigation and adaptation projects
– Workstream 3: Development of Nicaragua’s debt for climate swap strategy to free fiscal space to pursue NDC priority programs and projects
– Workstream 4: Greening Nicaragua’s banking sector.
Project Goal: The Government of Nicaragua has adequate strategic frameworks to access long-term international climate finance and promote private sector participation and investments in climate change mitigation and adaptation through enabling strategies and plans, innovative sustainable finance instruments, and increased sustainability of its banking sector.
Goal Statement: IF the Government of Nicaragua builds its institutional capacity and enabling environment for climate finance then Nicaragua will be on track to meet its NDC targets BECAUSE the development of enabling climate finance frameworks, innovative sustainable finance instruments and sustainable banking practices will promote increased flow of international finance and private investments to NDC priority actions.
The intervention’s primary beneficiaries include:
1.The Ministry of Economy and Public Credit (MHCP) and Nicaragua Central Bank (BCN): the proposed Readiness grant will strengthen the capacity and systems of the MHCP and BCN to raise affordable long-term climate finance to meet Nicaragua’s NDC targets without compromising the government’s fiscal balance. MHCP and BCN will receive capacity building and technical assistance to design, structure and implement innovative climate finance instruments, including, green bonds and debt for climate swaps.
2. The Superintendency of Banks and Other Financial Institutions (SIBOIF): the proposed Readiness grant will strengthen the capacity of the SIBOIF to develop, implement and enforce sustainable banking regulations and practices, in alignment with international sustainable banking standards and frameworks. Local financial institutions will benefit from enhanced capacity to screen and mitigate the environmental and social risk of transaction, improving their financial performance and the overall resilience of the domestic banking sector against climate change risks, while increasing the volume of credit disbursed to low-carbon, resilient projects, and vulnerable groups.
3. Climate Change Secretariat of the Presidency of Nicaragua (SCCP): the proposed Readiness further the mission of the SCCP of implementing the National Climate Change Policy by strengthening the government’s institutional capacity and systems to access long-term concessional climate finance to implement the priority climate change mitigation and adaptation measures.
There is urgent need for identifying, demonstrating, and disseminating sustainable agricultural systems that enhance productive potential and address the interconnected drivers of poverty and climate vulnerability in El Salvador.
Opportunities to address this situation include dissemination of best practices and technical capacity building in Climate Smart Agricultural (CSA), Forest Landscape Restoration (FLR), strengthening value chain integration, availing, and training on the use of and capacity building for the use of IT technologies with application in the agriculture sector. Cooperative/associative arrangements are an effective means to build capacity and enhancing the preparedness and resilience of women and youth in the agriculture sector, providing them with decent livelihoods and improved employability in the sector.
GGGI El Salvador is the implementing partner for two Korea funded projects; “Strengthening Capacities of Women and Youth for Implementation of Climate Smart Agriculture (CSA) in El Salvador”, which will be implemented in El Salvador and is financed by the Ministry of Agriculture, Food and Rural Affairs (MAFRA) of the Republic of Korea; and “Korea-Mexico-Three Central American Countries Triangular Cooperation Project on Strengthening Capacities for Forest Landscape Restoration in Response to Climate Change”, which will be implemented in Guatemala, Honduras, and El Salvador and is financed by the Korea International Cooperation Agency (KOICA). GGGI also has a pipeline of climate change mitigation and adaptation opportunities to support our Member and partner governments in the region.
Based in Managua or San Salvador, the Communications Senior Assistant will be responsible to assist both the Nicaragua and El Salvador country team members to position GGGI’s brand at the national, implement the Communication Strategy, boost social media channels, increase and position the partnership with media, counterparts, and donors; support the delivery of high-quality products in the implementation of the projects and accomplish efficiently with the requirements of communication of the GGGI’s Nicaragua and El Salvador Program daily work.
Understand and actively supports GGGI’s mission, vision and values and promote an
The Communications Senior Assistant is an X5 grade level in GGGI’s Nicaragua/El Salvador salary scale. GGGI provides 15% of base salary towards retirement plan/long-term savings, 27 days of annual leave, and private health insurance. GGGI is committed to providing a work environment that is sufficiently flexible to accommodate diverse life-cycle challenges and assist Staff members to achieve a better balance between work and personal/family commitments, thus ensuring high performance, long-term productivity, and well-being of Staff members.
Child protection – GGGI is committed to child protection, irrespective of whether any specific area of work involves direct contact with children. GGGI’s Child Protection Policy is written in accordance with the Convention on the Rights of the Child.