Maldives has signed an agreement with The Nature Conservancy (TNC) to enhance climate change resilience and sustainable economic development.

The agreement was signed during the 29th Conference of the Parties (COP29) under the United Nations Framework Convention on Climate Change (UNFCCC).

Speaking at the signing ceremony, Finance Minister Moosa Zameer said sustainable financing for solutions to natural challenges is very important for Maldives' development.

He said the agreement is a step towards a brighter future.

In a statement, the Finance Ministry said the funds raised under the agreement will be spent on environmental protection, rural economy development and climate change resilience.

It added that the agreement will further strengthen the country's medium-term macro-fiscal stability and debt sustainability.

TNC is an environmental organization working in more than 70 countries.