B.16/02: Approval of funding proposals

The Board, having considered document GCF/B.16/07 titled “Consideration of funding proposals”:

  1. Takes note of the following funding proposals:
    1. Funding proposal 038 titled “GEEREF NeXt” by the European Investment Bank, as contained in document GCF/B.16/07/Add.10/Rev.02;
    2. Funding proposal 039 titled “GCF-EBRD Egypt renewable energy financing framework” by the European Bank for Reconstruction and Development, as contained in document GCF/B.16/07/Add.11/Rev.01;
    3. Funding proposal 040 titled “Tajikistan: scaling up hydropower sector climate resilience” by the European Bank for Reconstruction and Development, as contained in document GCF/B.16/07/Add.01 and 15;
    4. Funding proposal 041 titled “Simiyu climate resilience project” by KfW Bankengruppe, as contained in document GCF/B.16/07/Add.02 and 15;
    5. Funding proposal 042 titled “Irrigation development and adaptation of irrigated agriculture to climate change in semi-arid Morocco” by Agence Française de Développement, as contained in document GCF/B.16/07/Add.03 and 15;
    6. Funding proposal 043 titled “The Saïss water conservation project” by the European Bank for Reconstruction and Development, as contained in document GCF/B.16/07/Add.04 and 15;
    7. Funding proposal 044 titled “Tina river hydropower development project” by the World Bank, as contained in document GCF/B.16/07/Add.05 and 15;
    8. Funding proposal 045 titled “Ground water recharge and solar micro irrigation to ensure food security and enhance resilience in vulnerable tribal areas of Odisha” by the National Bank for Agriculture and Rural Development, as contained in document GCF/B.16/07/Add.06 and 15; and
    9. Funding proposal 046 titled “Responding to the increasing risk of drought: building gender-responsive resilience of the most vulnerable communities” by the United Nations Development Programme, as contained in document GCF/B.16/07/Add.07 and 15;
  2. Approves funding proposal 038 for the amount of USD 265,000,000, submitted by the European Investment Bank, subject to the conditions set out in annex I and in the term sheet set out in document GCF/B.16/07/Add.10/Rev.02;
  3. Also approves funding proposal 039 for the amount of USD 154,700,000, submitted by the European Bank for Reconstruction and Development, subject to the conditions set out in annex I and in the term sheet set out in document GCF/B.16/07/Add.11/Rev.01;
  4. Further approves funding proposal 040 for the amount of USD 50,000,000, submitted by the European Bank for Reconstruction and Development, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.16/07/Add.15;
  5. Approves funding proposal 041 for the amount of EUR 102,700,000, submitted by KfW Bankengruppe, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.16/07/Add.15;
  6. Also approves funding proposal 042 for the amount of EUR 20,000,000, submitted by Agence Française de Développement, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.16/07/Add.15;
  7. Further approves funding proposal 043 for the amount of EUR 31,970,000, submitted by the European Bank for Reconstruction and Development, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.16/07/Add.15;
  8. Approves funding proposal 044 for the amount of USD 86,000,000, submitted by the World Bank, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.16/07/Add.15, except for clause 20, Terms and Conditions Applicable to the GCF Loan;
  9. Mandates the Secretariat, for funding proposal 044, to finalize prior to the execution of the funded activity agreement, the terms and conditions of the loan component in a manner consistent with the following terms pursuant to decision B.09/04:
    1. 50 per cent high concessional loan; and
    2. 50 per cent low concessional loan;
  10. Approves funding proposal 045 for the amount of USD 34,357,000, submitted by the National Bank for Agriculture and Rural Development, subject to the conditions set out in annex I and in the respective term sheet set out in document GCF/B.16/07/Add.15;
  11. Decides that there was no consensus to approve funding proposal 046;
  12. Requests the Secretariat to assess the conditions set out in annex I and, in the event any such condition is considered by the Secretariat to be inconsistent with GCF policies, the Secretariat shall make a recommendation to the Board for further guidance and pending such guidance, the relevant condition shall be deemed not to apply;
  13. Decides that if the conditions to be met prior to the execution or for the effectiveness of the funded activity agreement to be entered into in respect of each funding proposal have not been fulfilled within the time frames set out in annex I or the respective term sheet, the approval of such funding proposals shall be subject to reconsideration by the Board;
  14. Requests the Secretariat to prepare a report on the conditions and time frames of all projects approved by the Board and the status of implementation for consideration by the Board no later than its eighteenth meeting;
  15. Reaffirms that pursuant to annex VII to decision B.07/03 (annex VII to document GCF/B.07/11), the Executive Director or his designee is authorized to negotiate and enter into legal agreements on behalf of the GCF with accredited entities and other parties involved in respect of funding proposals approved by the Board, taking into account any condition approved by the Board in this decision and in the decision accrediting the relevant accredited entity; and
  16. Authorizes the Secretariat to disburse fees for each funded project/programme approved by the Board as per the disbursement schedule to be agreed in the funded activity agreement in accordance with the interim policy on fees for accredited entities adopted by the Board pursuant to decision B.11/10.