NEW YORK, September 25 - Today on behalf of the Alliance of Small Island States (AOSIS), Grenada’s Foreign Minister, the Honourable Mr. Peter David, jointly announced with the Foreign Ministry of Greece the formation of a new fund pioneered by Grenada to help island states around the world cope with the impacts of climate change.
The Greek deputy Foreign Minister, Dr. Yanni Valinakis remarked that Greece was sensitive to the needs of the island states that are facing the impacts of climate change.
As a donor country within the European Union, Greece was prepared to make this important tangible contribution to the island states in this regard. To this end, Greece is coming on board as the cornerstone charter partner to this fund with a contribution of four million Euros over the next four years.
In his response, Minister David, remarked that as a country with over a thousand islands, Greece shared much in common with other island states and that this kinsmanship was manifested by Greece’s commitment to help island states with such a practical fund.
He pointed out that recent Caribbean Hurricanes provided additional evidence of the human and economic impacts of climate change. Further, he added that with the global financial crisis, the Greek funds were very timely and greatly appreciated by AOSIS.
Note to Editor:
The Global Islands Green Finance Facility is a financing mechanism being established by the island states under the aegis of AOSIS. It is to be managed by the World Bank and, over time, staffed by financial professionals from the island states.
This fund will be unusual because it is the recipient countries (rather than the donor countries) who will design the rules of the fund in accordance with their specific needs.
In addition to the four million euros from Greece, Grenada recently announced jointly with Iceland the provision of a further 4.5 million USD by Iceland for the member states of AOSIS. The Green Finance facility will have access to these funds from Iceland. Wednesday, October 01, 2008
Foreign Minister Accepts Four Million Euros for Island Fund
NEW YORK, September 25 - Today on behalf of the Alliance of Small Island States (AOSIS), Grenada’s Foreign Minister, the Honourable Mr. Peter David, jointly announced with the Foreign Ministry of Greece the formation of a new fund pioneered by Grenada to help island states around the world cope with the impacts of climate change.
The Greek deputy Foreign Minister, Dr. Yanni Valinakis remarked that Greece was sensitive to the needs of the island states that are facing the impacts of climate change.
As a donor country within the European Union, Greece was prepared to make this important tangible contribution to the island states in this regard. To this end, Greece is coming on board as the cornerstone charter partner to this fund with a contribution of four million Euros over the next four years.
In his response, Minister David, remarked that as a country with over a thousand islands, Greece shared much in common with other island states and that this kinsmanship was manifested by Greece’s commitment to help island states with such a practical fund.
He pointed out that recent Caribbean Hurricanes provided additional evidence of the human and economic impacts of climate change. Further, he added that with the global financial crisis, the Greek funds were very timely and greatly appreciated by AOSIS.
Note to Editor:
The Global Islands Green Finance Facility is a financing mechanism being established by the island states under the aegis of AOSIS. It is to be managed by the World Bank and, over time, staffed by financial professionals from the island states.
This fund will be unusual because it is the recipient countries (rather than the donor countries) who will design the rules of the fund in accordance with their specific needs.
In addition to the four million euros from Greece, Grenada recently announced jointly with Iceland the provision of a further 4.5 million USD by Iceland for the member states of AOSIS. The Green Finance facility will have access to these funds from Iceland. 
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