Dutch fund awards €575,000 non-refundable grant to Phuc Sinh Group

October 09, 2024 | 17:00

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The Dutch Fund for Climate and Development (DFCD) has provided a non-refundable grant of €575,000 (about $630,000) for Phuc Sinh Group.

Dutch fund awards €575,000 non-refundable grant to Phuc Sinh Group

The DFCD is a climate resilience fund, dedicated to supporting climate adaptation and mitigation projects. It is managed by a pioneering consortium of Climate Fund Managers, World Wide Fund for Nature Netherlands, and SNV Netherlands Development Organisation, led by the Dutch Entrepreneurial Development Bank, FMO.

On October 4, DFCD announced SNV's partnership with Phuc Sinh Group, on behalf of the DFCD's Origination Facility, to scale up Phuc Sinh’s deforestation-free coffee business by expanding Rainforest Alliance-certified practices to more farmers in Vietnam.

With DFCD’s support, Phuc Sinh aims to promote Rainforest Alliance-standard farming among smallholder farmers, ensure compliance with the European Union Deforestation Regulation, and further scale its inclusive business model. This collaboration will enhance Phuc Sinh's capacity for sustainable practices, contributing to climate resilience and biodiversity conservation.

Albert Bokkestijn, project manager of DFCD-SNV, welcomed the partnership, noting the importance of businesses like Phuc Sinh in leading climate adaptation initiatives. The Origination Facility can bridge the financing gap for scaling, helping to de-risk and prepare Phuc Sinh for future investment.

Phan Minh Thong, general director of Phuc Sinh Group, said, "The receipt of this funding from DFCD not only boosts our environmental, social, and governance initiatives but also serves as great encouragement for the entire Vietnamese agricultural industry in pursuing climate resilient and sustainable development."

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