ADB Approves MOU for Direct Access to GEF Resources
MANILA, PHILIPPINES (25 June 2004) - ADB is to have direct access to Global Environment Facility (GEF) resources under a revised Memorandum of Understanding approved by ADB's Board yesterday. The GEF provides grants and concessionary resources for projects that address global environmental issues in the focal areas of climate change, biodiversity, international waters, ozone depletion, land degradation, and persistent organic pollutants. The GEF was replenished at a level of $3 billion dollars for its current programming cycle. "Direct access to GEF funds provides new and exciting opportunities to blend ADB resources for sustainable development with GEF grant resources for the global environment," says Nessim Ahmad, Director of ADB's Environment and Social Safeguard Division. The new arrangements will streamline access to GEF grants to cofinance ADB projects. ADB will be responsible for administration of GEF-funded project resources according to its existing procedures. ADB proposals for GEF project financing had previously to be coursed indirectly through one of three GEF implementing agencies - the United Nations Development Programme, International Bank for Reconstruction and Development, and United Nations Environment Programme. However, the GEF Council decided in October 2002 to provide ADB with direct access to GEF project resources, and the new MOU will enable this decision to take effect. About ADB |  |
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