In October 2018, Funbio became Brazil’s first Direct Access Entity (DAE) accredited by the GCF, signing the Accreditation Master Agreement (AMA) in March 2019. Funbio is allegedly one of Brazil's largest NGOs; since 1996, it has supported 411 projects that have benefited 305 institutions across the country. Funbio has extensive experience in grant selection, appraisal, management, and financing of climate change mitigation and adaptation projects. Since 2015, Funbio has also been the only NGO in the southern hemisphere acting as Implementing Agency of the Global Environment Facility.

Funbio has a monitoring policy that defines institutional standards for project monitoring. This policy was first developed in 2018 and reflected GCF accreditation criteria until the approval of the IRMF. In addition to this policy, Funbio has monitoring procedures detailing monitoring activities and including templates, indicators, and data collection procedures. These monitoring procedures are integrated into Funbio’s project management system (based on Microsoft SharePoint), which has a monitoring module. This system is a key part of Funbio's monitoring capacities and is used both for monitoring projects and also to feed Funbio's decision-making bodies and its Business Intelligence module.

For Funbio, a review of its monitoring policy and procedures to adapt them to the IRMF may affect the monitoring of other projects that are not related to GCF and would require training Funbio's project team on the use of the IRMF. It will also be necessary to update Funbio’s project management system to reflect the updated policy and procedure.

The activities planned under this readiness proposal will allow Funbio to adopt the IRMF in all their GCF projects but also to increase institutional capabilities as a whole. The goals of this proposal are: (1) to adjust Funbio policies and procedures to be in compliance with the IRMF; (2) to train Funbio staff to use and implement the IRMF; (3) to adjust Funbio monitoring system to be in compliance with the IRMF and (4) to adjust current concept notes/FP to be in compliance with the IRMF