HARARE, Aug. 26 (NewsDay Live) – Zimbabwe is targeting up to US$400 million from a new international financing facility as it steps up preparations for a potential Super El Niño-induced drought.
The Drought Resilience Investment Facility (DRIF) was launched at the 17th Conference of the Parties to the United Nations Convention to Combat Desertification (COP17) in Ulaanbaatar, Mongolia.
Backed by the UNCCD and the Luxembourg government, the facility seeks to use public and concessional finance to reduce investment risks and unlock private capital for projects that strengthen water security and protect communities from the growing effects of drought.
The launch coincided with Water Day at COP17, where discussions focused on increasing investment in measures that help communities and economies prepare for drought before disasters strike.
Environment, Climate and Wildlife minister Evelyn Ndlovu said Zimbabwe was developing a National Drought Investment Plan with the UNCCD to identify and prepare projects for funding.
“In partnership with the UNCCD, Zimbabwe is developing a National Drought Investment Plan. It will create a pipeline of investment-ready projects covering watershed management, ecosystem restoration and resilient water infrastructure,” she said.
Ndlovu said Zimbabwe was also working to strengthen its policy environment and engage development partners, including DRIF, the Global Environment Facility and private investors.
“We call on our partners to support Zimbabwe in accessing financing mechanisms such as DRIF. We cannot adapt without capital, and we cannot deliver without partnerships,” she said.
The UNCCD estimates that about US$355 billion annually will be needed between 2025 and 2030 to meet global land restoration and drought-resilience targets.
However, only about US$77 billion is currently mobilised annually, leaving an estimated US$278 billion funding gap.
Zimbabwe is among several drought-vulnerable countries seeking to tap into new financing mechanisms as concerns grow over the impact of a potential Super El Niño.
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