An Evaluation of the World Bank's Trust Fund Portfolio

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APPENDIX E: FINANCIAL INTERMEDIARY FUNDSAfrican Program for Onchocerciasis Control (APOC): The Onchocerciasis trust fund wasestablished in 1976 and currently supports the African Program for Onchocerciasis ControlPhase II (APOC II), a Regional Partnership Program. Succeeding the Onchocerciasis ControlProgram (OCP), APOC was launched in 1995 and includes 19 endemic African countriesoutside the OCP area. The objective of APOC is to establish, within 12 to 15 years, effective,self-sustainable, community-directed treatment of onchocerciasis with the drug ivermectin(community-directed treatment with Ivermectin, or CDTI) throughout endemic areas in thegeographic scope of the program. Due to challenges, the duration of APOC has beenextended to 2015, both to ensure sustained onchocerciasis control, especially in post-conflictcountries, and to fully integrate onchocerciasis control activities into national healthsystems. For the period FY02–FY10, disbursements totaled $150 million. The World Bankacts as Trustee to administer funds and sits on both of APOC’s governing bodies – the JointAction Forum and the Committee of Sponsoring Agents.Climate Investment Funds (CIF): This is a trust-funded Global Partnership Programestablished in 2008 under the UNFCCC as an interim measure to scale-up assistance todeveloping countries until the framework on climate change is operational. The CIF, fundedat $6.5 billion, comprises of two FIFs described below:The Clean Technology Fund (CTF), funded at $4.5 billion, provides new large-scalefinancial resources to developing countries to invest in clean technology projects whichcontribute to the demonstration, deployment, and transfer of low-carbon technologieswith a significant potential for long-term greenhouse gas (GHG) emissions savings.The Strategic Climate Fund (SCF), funded at $2.0 billion, provides financing to pilotinnovative approaches or to scale-up activities aimed at specific climate changechallenges or sectoral responses. The SCF operates through targeted programs: the ForestInvestment Program (FIP), Pilot Program for Climate Resilience (PPCR), and Scaling UpRenewable Energy Program in Low Income Countries (SREP).Contributors to the CIF can provide funding to the trust funds in the form of grant or capitalcontributions, and additionally in the case of CTF, concessional loan contributions. Bothfunds are able to provide concessional loans, grants and guarantees to recipients, throughone of six partner MDBs which are required to return reflows (principal repayment, interest,fees or any other reflow of funds) received from recipients to the trust funds. These twofunds began disbursing in FY10 with FY10 disbursements totaling $105 million for CTF and$26 million for SCF. The World Bank serves the CIF in four capacities: (i) acts as Trustee toadminister the CTF and SCF Funds, (ii) is a non-voting member on each governing body –the CTF and SCF Trust Fund Committees and the FIP, PPCR, and SREP Sub-Committees,(iii) is one of six Implementing Agencies to implement programs and projects financed bythe CIF, and (iv) houses the secretariat with the program manager reporting to the Bank’sDirector of Environment and the CIF Trust Fund Committees.Consultative Group on International Agricultural Research (CGIAR): This GlobalPartnership Program was established in 1971 and began receiving donor trust fund supportin 1975 as part of its funding. It has since become a formal association comprising public108
APPENDIX E: FINANCIAL INTERMEDIARY FUNDSand private sector members from developed and developing countries, with FAO, IBRD, theInternational Fund for Agricultural Development (IFAD), and UNDP as cosponsors. CGIARpromotes sustainable development of agriculture by providing international agriculturalresearch centers – whose research areas include improving major food crops for addedresilience and nutritional value, and enhancing the management of crops, livestock, trees,water, soil, and fisheries – with financial assistance and strategic guidance. For the periodFY02–FY10, disbursements totaled $955 million. The World Bank serves CGIAR in threecapacities: (i) acts as Trustee to administer funds including the disbursement of resources toCGIAR centers, (ii) chairs CGIAR’s governing body – the CGIAR Fund Council, and (iii)houses the CGIAR secretariat with the program manager reporting to the Bank’s VicePresident of SDN and the CGIAR Fund Council.Debt Relief Trust Fund (DRTF) formerly known as the Heavily Indebted Poor Countries(HIPC) Initiative: This fund was launched in 1996 by the World Bank and the InternationalMonetary Fund (IMF) to reduce the external debt of the most heavily indebted countriesfrom unsustainable to sustainable levels. The initiative has been designed to providesubstantial debt relief to countries that implement critical social and economic reforms aspart of an integrated approach to sustainable development, and is used specifically in caseswhere traditional debt relief mechanisms are not enough to help countries exit from therescheduling process. In 2005, to help accelerate progress toward the United NationalMillennium Development Goals (MDGs), the DRTF Initiative was supplemented by theMultilateral Debt Relief Initiative (MDRI). Forty countries are registered as eligible orpotentially eligible, 24 of which are receiving full debt relief from the IMF and othercreditors after reaching their completion points. The resources of DRTF are managed byIDA, on the basis of decisions made by donors and by multilateral creditors. For the periodFY02–FY10, disbursements totaled $4.9 billion. The World Bank acts as Trustee toadminister DRTF funds.GAVI Fund Affiliate (GFA): GFA is a trust fund set up in 2006 as a holding account toreceive pledges from International Finance Facility for Immunization (IFFIm) donors forsecuritization (IFFIm is described separately). The securitized funds are then used toprovide poor countries with frontloaded financing to procure vaccines and supportimmunization programs approved by the GAVI Alliance, a Global Partnership Programcurrently supporting immunization programs in 70 of the world’s poorest countries throughIFFIm/GFA. GFA began disbursing in FY07 and disbursed $1.6 billion through FY10. TheWorld Bank serves as the account administrator for the GFA account and while the WorldBank sits on the GAVI Alliance Board and Executive Committees, it does not serve on theGFA board.GAVI Fund Trust Fund (GAVI): The GAVI Fund was created as a financing arm to helpsupport the GAVI Alliance immunization goals by managing and disbursing funds forimmunization programs. Launched in 2007, the GAVI Fund Trust Fund was created tomanage the resources which several sovereign governments and other public sectorcontributors agreed to make available to finance the projects and programs supported bythe GAVI Fund. The GAVI Fund began disbursing in FY09 and disbursed $236 million109
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The World Bank GroupWORKING FOR A W
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©2011 The Independent Evaluation G
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CONTENTSAllocation of Trust Fund Re
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CONTENTSFigure 5.3 All Networks, Es
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AcknowledgmentsThis report was prep
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SummaryAs development challenges ex
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SUMMARYchannels? In addition, the B
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SUMMARYinnovative development finan
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SUMMARYdonor funds in line with rec
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Management ResponseIntroductionMana
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MANAGEMENT RESPONSEplay at the leve
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MANAGEMENT RESPONSEattention needs
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MANAGEMENT ACTION RECORDMajor Monit
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Chairperson’s Summary:Informal Me
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1. The Role of Trust Funds in theGl
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CHAPTER 1THE ROLE OF TRUST FUNDS IN
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CHAPTER 2THE WORLD BANK’S TRUST F
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CHAPTER 3THE RELEVANCE AND EFFECTIV
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CHAPTER 4MANAGEMENT AND ACCOUNTABIL
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Page 109 and 110: 6. Findings and Recommendations6.1
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Page 154 and 155: ENDNOTES3. Over fiscal 2002-10, the
Page 156 and 157: ENDNOTES31. Cited in a 2008 indepen
Page 158 and 159: SELECTED BIBLIOGRAPHYKharas, H. 200
Page 160 and 161: SELECTED BIBLIOGRAPHY____. 2010l.
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