FIFs GEF Trustee and its Financial Operations The GEF Trustee and its Financial Operations GEF EF Introduction S Seminar January 2 22-24, 2019 2019 Trust F t Funds a and P Partn tner Rel elati tions (DFTPR) Devel elopmen ent F Finance ( e (DF DFi) 1 DFi 1
Overview FIFs R 01 GEF Governance and Structure O 02 A Trustee Roles and Responsibilities D 03 Funds Flow for Full-sized Project and Fee M 04 Financial Procedures Agreement A P 05 GEF Trustee Team 2 DFi 2
GEF Governance and Structure FIFs Guidance Operations Action Agencies STAP • UNDP • UNEP • WB GEF Assembly GEF Projects • ADB Secretariat Countries: • AfDB GEF Council • GEF OFPs / PFPs • EBRD Countries: Council Members • Convention FPs • FAO / Constituencies • Other Gov’t Agencies IaDB • NGOs / CSOs • • IFAD Conventions GEF • Private Sector • UNIDO • CBD Trustee • WWF-US • UNFCCC • CI Evaluation Office • Stockholm (POPs) IUCN • • UNCCD • DBSA Montreal Protocol • • BOAD • Minamata • CAF • FECO FUNBIO • 3 DFi 3
Trustee Roles and Responsibilities FIFs • Trustee’s role and fiduciary responsibilities are set forth in the GEF Annex B Instrument , Annex B. of GEF Instrument • Trustee co-chairs the GEF Replenishment negotiations for mobilizing resources Resource through the established replenishment process mobilization • Manages the liquid assets the GEF Trust Fund and invests according to the IBRD’s investment management principles, in a commingled investment portfolio Investment of its liquid assets • Trustee holds funds in trust and manages them for the purpose provided Financial under the GEF Instrument management • Ensure compliance with Instrument and other legal documents Reporting and compliance 4 4 DFi 4
Trustee Roles and Responsibilities FIFs Resource Mobilization 2019 $20 1991 billion ¥ ₣ ₱ $ As of GEF-7 £ $1 billion C$ € A$ GEF Pilot Kr R NZ$ 30 donors pledged $4.1 billion in GEF-7 5 5 DFi 5
Trustee Roles and Responsibilities FIFs Contributions Financial Investments Projections Financial Management Recording and Fund transfers monitoring 6 DFi 6
Trustee Roles and Responsibilities FIFs GEF Council GEFSEC Reporting and Agencies Compliance WB External Auditors WB Policies & Procedures 7 DFi 7
Funds Flow for Full-sized Project and Fee FRAGMENTATION & CUSTOMIZATION Implementation Funding Decisions Replenishment and Contribution Management Returned Funds from Agencies Released from Commitment Release from set-aside Funding Funding Cash received Funding Set Funding “Billing”: IoC Funding “Pledge”: (USD) Approved Endorsed Committed aside for Transferred deposited Recorded Availability for Note Note by by for projects projects; and to Agencies with Trustee and fees received encashed Council CEO programming fee decision Restricted resources DFi 8
Financial Procedures Agreement TRANSACTION COSTS Legal document governing the business relationship between IBRD as Trustee of the GEF Trust Fund and the GEF Agencies setting the definitions and rules for: Commitment of funds by Trustee Transfer of funds to GEF Agency Use of funds by GEF Agency Reflows vs. Refund from GEF Agency to the Trustee Financial reporting by Agency DFi 9
Financial Procedures Agreement TRANSACTION COSTS Reporting requirements under the FPA Project approvals, cancellations and closures Fee cancellations Investment income, refunds from closures, reflows from Non-Grant Instruments Annual financial statements and audit reports DFi 10
GEF Trustee Team TF INTEGRATION INTO ANNUAL PLANNING Team Lead – Client relations and Fund management: • Mr. Praveen Desabatla (pdesabatla@worlbank.org) Contribution management and Agency liaison: • Ms. Marizmelda Carbonell Dugayo (mdugayo@worldbank.org) • Mr. Jorge Alberto Fuentes Lanza (jfuenteslanza@worldbank.org) Investment management • Mr. Rahul Gupta (rgupta11@worldbank.org) Disbursement management and Internal Controls: • Ms. Lewam Afework Nerayo (lnerayo@worldbank.org) Portfolio management, Analytics and Reporting: • Mr. Chandrasekhar Sirigiri (csirigiri@worldbank.org) Reach us at geftrustee@worldbank.org DFi 11
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