EDA Project

Enhanced direct access climate
adaptation revolving fund
for vulnerable households and MSMEs 

Project Information

The Government of Grenada through the Ministry Of Finance, Economic Development, Physical Development, Public Utilities and Energy & the Ministry of Tourism, Civil Aviation, Climate Resilience and the Environment is implementing the Green Climate Fund (GCF) financed Enhanced Direct Access (EDA) project for the Eastern Caribbean

This pilot project to demonstrate the GCF’s enhanced direct access modality is being implemented by the Department of Environment (DoE) Antigua. It seeks to promote integrated physical adaptation and community resilience through an enhanced direct access pilot in the public, private, and civil society sectors of three Eastern Caribbean small island developing states namely Antigua, Dominica and Grenada.

The EDA project in Grenada will enhance climate change resilience through the implementation of adaptation projects which would benefit the Grenadian public sector, communities, private low income property owners, small businesses and vulnerable households that fall under the poverty level.

What is the Revolving Fund?
The Grenada Development Bank (GDB) has been designated as the Service Provider for Component 4 of this project, the Climate Adaptation Revolving Fund for Vulnerable Households and MSMEs.

The primary objective of the Revolving Fund is to provide the opportunity for privately owned physical assets of vulnerable populations to be more resilient to climate variability and change through concessional micro-financing.

This would be done by giving loans to households and businesses to undertake adaptation interventions in buildings in accordance with the eligibility criteria.

Revolving Fund - Loan Terms
• Priority financing will be awarded to vulnerable populations such as single parents and persons with special needs who meet the eligibility criteria
• Maximum loan per project is EC $200,000
Adaptation financing shall be unsecured therefore other risk mitigation measures will be considered
• Interest will be at a rate of 2% per annum
• A re-payment term of up to 15 years will be available subject to the beneficiary’s ability to repay.

Climate Adaptation Interventions Eligible for Funding

• Efficient water management 

• Sustainable building practices and climate-smart buildings

• Flood and erosion control

• Structural adjustments that increase climate change resilience

• Renewable energy systems

• Health and Vector control

• Energy-efficient solutions

Grant Eligibility Criteria

To be eligible, loan applicants under the Revolving Fund must:

• Be the owner of the home/business or property 

• Be employed or have a source of income;

• Be willing to make repayments through direct banking, salary deductions or any other method deemed appropriate;

• Adhere to the list of adaptation actions that the loans will be used for. Any deviations that are inconsistent with adaption measures cannot be funded;

• Be willing to facilitate site visits for the inspection of activities for which the financing was secured; 

• Agree to provide evidence of expenditure on financed activities upon the request of the Fund.