The Fund’s Governing Instrument identifies grants and concessional loans as the initial financial instruments through which the Fund will provide financing (Governing Instrument, paragraph 54). The same paragraph also raises the possibility of “other modalities, instruments or facilities as may be approved by the Board” to achieve the Fund’s objectives. This document considers what other financial instruments the Fund could pursue beyond grants and concessional loans, subject to Board approval. The introduction of these additional financial instruments would present enhanced flexibility for the Fund to finance projects and programmes.