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The GCF Accreditation Panel recommends the accreditation of PT Indonesia Infrastructure Finance (PT IIF) as a national direct access entity in Indonesia for medium-sized projects (loans and guarantees) and small-sized projects (equity), with a capacity to manage high-risk (Category A/I-1) environmental and social projects. While PT IIF demonstrated strong fiduciary capacities in on-lending and blending, as well as robust environmental and social safeguards, the Panel identified gaps in public procurement disclosure, the operationalization of its grievance redress mechanism on its website, and the lack of a formal monitoring and evaluation policy. Consequently, accreditation is recommended subject to the applicant meeting these specific conditions before submitting its first funding proposal.

The GCF Accreditation Panel recommends the accreditation of the Bank of Bhutan Limited (BoB) as a national direct access entity for 'small' projects with a 'medium risk (I-2)' environmental and social category. While BoB demonstrates strong institutional presence as Bhutan's largest commercial bank and a track record in green financing, the assessment identified gaps in internal audit quality assurance, public disclosure of procurement and investigation guidelines, and the operationalization of its grievance redress mechanism. The recommendation is subject to specific conditions to be met both before the issuance of the accreditation certificate and before the submission of the first funding proposal, including the development of a Gender Action Plan and the implementation of risk-based E&S screening tools.

The GCF Accreditation Panel recommends the World Health Organization (WHO) for accreditation under the 'medium' size category and 'medium risk (category B)' environmental and social risk category. The assessment finds that WHO meets basic fiduciary standards, project management standards, and gender policy requirements. While WHO's Environmental and Social Safeguards Framework (ESSF) is considered adequate, the panel noted a gap regarding the lack of an external evaluation of the ESSF, which is set as a condition for accreditation to be resolved within two years of the first funded activity. WHO's track record includes managing large-scale grants, such as a USD 192.92 million project for the Global Polio Eradication Initiative and various climate-resilient health projects in the Pacific and Asia.

The GCF Accreditation Panel recommends the accreditation of Banco Promerica de Costa Rica as a national direct access entity for 'small' projects with a 'medium risk' (intermediation 2) environmental and social category. The bank is approved for basic fiduciary standards and specialized standards for on-lending and blending. While the bank demonstrates strong gender policies and a track record in electric mobility and green building, the recommendation is subject to several conditions. These include establishing an institutional-level environmental and social grievance redress mechanism, publishing its ethics line on its website, adopting a GCF-consistent information disclosure policy, and updating procurement procedures to include public tender and award notifications.

The GCF Accreditation Panel recommends the accreditation of Bancóldex, a Colombian state-owned development bank, as a national direct access entity. The bank is recommended for a 'medium' project size category (USD 50 million to USD 250 million) and a 'medium' environmental and social risk category (B/I-2). While Bancóldex demonstrated strong fiduciary capacities in project management, grant allocation, and on-lending, the panel identified gaps in whistleblower protection, gender policy, E&S information disclosure, and grievance redress mechanisms. These gaps are framed as conditions for accreditation to be met either before the master agreement becomes effective or before the first funding proposal is submitted.

The Green Climate Fund's Accreditation Panel recommends the accreditation of Applicant 011 (APL011) for large-scale projects and high environmental and social risk categories. APL011, a regional financial institution in Latin America and the Caribbean, met basic and specialized fiduciary standards, including on-lending and grant allocation. While it substantially meets environmental and social safeguard (ESS) requirements, accreditation is conditional upon the finalization of its consolidated blueprint for E&S management and alignment of its performance standard 2 with the Fund's ESS. The applicant also demonstrated consistency with the Fund's gender policy, despite lacking a track record in gender and climate change.

The Accreditation Panel (AP) recommends the accreditation of Applicant 015 (APL015) for 'Large' project sizes and 'High risk' (Category A/I-1) environmental and social risk categories. The applicant, a public international financial institution operating in over 90 developing countries, was assessed via a fast-track process as an EU DEVCO entity. The AP found that APL015 fully meets the Fund's basic and specialized fiduciary standards, including project management, grant award mechanisms, and on-lending/blending. It also complies with interim environmental and social safeguards (ESS) and gender policies, although it was advised to finalize its formal stakeholder complaints mechanism.

The Green Climate Fund (GCF) Accreditation Panel recommends the Caribbean Development Bank (CDB) for accreditation as a regional entity for 'small' projects (up to USD 50 million) with a high environmental and social risk category (Category A/I-1). The CDB demonstrated strong fiduciary standards, a track record of mobilizing approximately USD 200 million for climate action, and a robust gender equality policy. However, accreditation is conditional upon the CDB establishing a public system for reporting the progress of grant-funded projects and finalizing a permanent external communications mechanism for environmental and social complaints.

The Green Climate Fund (GCF) Accreditation Panel assessed PROPARCO, a subsidiary of Agence Française de Développement (AFD), for international access to climate finance. The assessment found that PROPARCO meets most fiduciary and gender policy standards and is capable of managing high-risk environmental and social projects, provided it implements a formal external complaint mechanism. While PROPARCO demonstrated a strong track record in loans and equity, it only partially demonstrated its capacity for guarantee operations, leading to a conditional recommendation for accreditation.

The Accreditation Panel (AP) assessed PT Sarana Multi Infrastruktur (PT SMI), a state-owned Indonesian entity, for GCF accreditation. While PT SMI has a track record in financing renewable energy and climate-resilient infrastructure, the AP found it only 'partially meets' several GCF fiduciary and environmental and social standards due to a recent transition in its business model. Consequently, the AP recommends accrediting PT SMI for 'small' project sizes and 'medium' environmental and social risk (Category B/I-2), rather than the 'large' size and 'high' risk (Category A/I-1) categories requested. Accreditation is conditional upon the applicant fulfilling several requirements, including formalizing its procurement framework, enhancing grant management, and demonstrating full application of its 2016 environmental, social, and gender guidelines.

The Green Climate Fund (GCF) Accreditation Panel recommends the accreditation of the Infrastructure Development Company Limited (IDCOL) in Bangladesh for medium-sized projects with medium environmental and social risk. While IDCOL demonstrated strong capabilities in renewable energy and fiduciary management, the recommendation is conditional upon the adoption of several board-approved policies regarding internal audits, codes of conduct, project closure, and public disclosure.

The Green Climate Fund (GCF) Accreditation Panel recommends the accreditation of IL&FS Environmental Infrastructure and Services Limited (IEISL), a private sector entity in India, for 'small' projects with a 'medium risk' environmental and social category. While IEISL demonstrated strong capabilities in project management, environmental and social safeguards, and gender policy, the assessment identified gaps in its basic fiduciary standards, specifically regarding procurement dispute resolution, conflict of interest guidance, and reliance on related-party funding. Accreditation is recommended subject to several conditions, including the recruitment of a gender expert and the update of its prohibited practices policies.

The Accreditation Panel (AP) recommends upgrading Pegasus Capital Advisors, L.P. (PCA) to the 'large' project size category. The assessment confirms that PCA's governance, fiduciary standards, and track record in managing private equity funds and portfolio investments meet GCF requirements for projects with total projected costs exceeding US$ 250 million.

The Green Climate Fund (GCF) Accreditation Panel recommends the accreditation of the Infrastructure Development Bank of Zimbabwe (IDBZ) as a national direct access entity for 'small' projects (above US$ 10 million up to US$ 50 million) with a medium environmental and social risk category (B/I-2). While the IDBZ demonstrated strong alignment with GCF's gender policy and environmental and social standards, the assessment identified several fiduciary gaps. These include a lack of evidence regarding the effectiveness of its internal audit function, the operational status of its Investigations, Integrity & Loss Control Division, and the public disclosure of procurement and project evaluation data. Accreditation is recommended subject to specific conditions to be met before and after the first funding proposal and disbursement.

The Accreditation Panel recommends that the International Fund for Agricultural Development (IFAD) be upgraded to 'large' project size and 'high risk' (Category A/I-1) environmental and social risk categories. The assessment found that IFAD's fiduciary standards, project management capacities, and environmental and social safeguards fully meet GCF requirements for these expanded parameters.