This document presents the initial assessment of the Secretariat’s review, which will be discussed by the GCF Board at its twenty-fifth meeting (B.25), by the Independent Evaluation Unit of the GCF (IEU). The IEU conducted this initial assessment as part of its independent assessment of the SAP Pilot Scheme, which was approved by the GCF Board at its twenty-fourth meeting (B.24) in November 2019 under its 2019 Workplan (document GCF/B.24/12/Rev.01 attached to decision B.24/06). The overall IEU assessment of the SAP pilot Scheme will be submitted at the twenty-sixth GCF Board meeting (B.26).