Climate finance from the multilateral climate funds in the Middle East and North Africa (MENA)1 region is largely concentrated in a small number of large projects in the form of loans or concessional loans, funded by the Clean Technology Fund (CTF). The total amount of finance approved between 2003 and 2024 is USD 1.7 billion for 202 projects. This money has largely gone towards mitigation efforts despite pressing adaptation needs in the region, especially for water conservation and food security measures. Of the total funding approved for the region, USD 775 million has taken the form of grants. Adaptation projects have all been supported by grants. USD 957 million has been provided in the form of loans or concessional loans for just a few largescale energy infrastructure and REDD+ projects approved by the Green Climate Fund (GCF), the CTF and the Forest Investment Program (FIP). The top two recipients – Morocco and Egypt – respectively have received 45% and 26% of total approved climate finance in the region, while three of the countries in the region have received no climate finance from the funds monitored by Climate Funds Update (CFU). Approved finance grew by USD 101 million in 2024.