This document responds to the request of the Board in decision B.33/03 for the Secretariat to present to the Board for its consideration a review of the operational modalities for the Green Climate Fund’s Project Preparation Facility (PPF), a revised list of activities supported by the PPF and review of funding for the PPF. This document proposes enhancements to the PPF to increase its efficiency, effectiveness and impact, in accordance with support offered through the GCF Readiness and Preparatory Support Programme. The document describes the value proposition of the proposed revised PPF modalities for accredited entities, especially direct access entities, and developing countries, in particular small island developing States, least developed countries and African States. It also seeks approval of additional resources for the PPF to enable its continued operation over the period 2024–2027. The document has been informed by a series of consultations with the Board members and alternate members, national designated authorities, accredited entities and active observers, as well as comments received during the presentation of document GCF/B.36/05 at the thirty-sixth meeting of the Board.