LONDON - The Green Climate Fund (GCF), the world's largest fund helping developing countries deal with the impacts of climate change, said on Friday it had approved $686.8 million in financing at a board meeting this week.

The Seoul-based group said the investment would help draw in other financing partners and ultimately mobilise around $1.5 billion for 11 projects across 42 countries, providing support to 115 million people.

Among them was a project to enhance forest resilience in Serbia and one to bolster the climate resilience of vulnerable communities in Togo. Together, they take the GCF's portfolio to nearly $17 billion, most of it in the form of grants.

"During these challenging times, GCF is showing how countries are able to reaffirm their individual and collective commitment to accelerating support to climate-vulnerable communities," said GCF board Co-chair Leif Holmberg.

"It demonstrates that increasing access to vital finance on the frontlines of the climate crisis remains a top priority for the Board."

The board agreement follows a recent decision by the U.S. government to rescind pledges of financial support to the GCF, a spokesperson said, part of a broad overhaul of U.S. development efforts after the election of Donald Trump.

As well as announcing the new funds, the GCF board also agreed to establish "a regional presence" to bring it closer to the countries it serves and increase the climate impact of its projects, it said, without giving details.

"If climate action is local action - which it is - then the Green Climate Fund needs to be local too. Not only as a source of finance but as a partner working on the ground," GCF Executive Director Mafalda Duarte said.

By region, the bulk of the GCF's investments, some 38%, are in Africa; with 32% in Latin America and the Caribbean; 27% in Asia Pacific; and 3% in Eastern Europe, Central Asia, and the Middle East.

(Editing by William Maclean)