An Evaluation of the World Bank's Trust Fund Portfolio

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APPENDIX E: FINANCIAL INTERMEDIARY FUNDSthrough FY10. The World Bank serves the GAVI Fund as Trustee to administer the funds inthe GAVI Fund Trust Fund. The World Bank is a voting member on the GAVI AllianceBoard.Global Agriculture and Food Security Program (GAFSP): This is a trust-funded GlobalPartnership Program approved by the World Bank’s Board of Executive Directors inJanuary 2010. It is a multilateral financing mechanism which will allow the immediatetargeting and delivery of additional funding and private entities to support national andregional strategic plans for agriculture and food security in poor countries. Financialcontributions have been provided or pledged by four G20 member countries and the Bill &Melinda Gates Foundation. Donors may choose to channel funds through public or privatesector windows with public sector funding being held in a trust fund at the World Bank,whereas private sector window funding will be held in trust by the IFC. Although totalcommitments through April 2010 equal about $900 million over 3 years, the fund was notdisbursing as of the end of FY10. The World Bank serves GAFSP in four capacities: (i) acts asTrustee to administer funds, (ii) is a non-voting member and observer on the GAFSPSteering Committee, (iii) is Implementing Agency for GAFSP-financed projects, and (iv)houses the secretariat with the program manager reporting to the Bank’s Director ofAgriculture and Rural Development and the GAFSP Steering Committee.Global Environment Facility (GEF): This is a trust-funded Global Partnership Programestablished in 1991 as an independent financial mechanism for providing grants andconcessional funding to cover the “incremental” or additional costs of measures to assist inthe protection of the global environment and to promote environmental sustainabledevelopment. Today, the GEF is the largest funder of projects focused on globalenvironmental challenges and a global partnership among 180 countries, internationalinstitutions, non-governmental organizations, and the private sector. It provides grants forprojects related to six focal areas: (i) biodiversity, (ii) climate change, (iii) internationalwaters, (iv) land degradation, (v) the ozone layer, and (vi) persistent organic pollutants(POPs). The GEF also serves as a financial mechanism for the following four conventions: (i)Convention on Biological Diversity (CBD), (ii) United Nations Framework Convention onClimate Change (UNFCCC), (iii) Stockholm Convention on Persistent Organic Pollutants,and (iv) UN Convention to Combat Desertification. For the period FY02–FY10, GEFdisbursements totaled $2.7 billion. The World Bank serves the GEF in four capacities: (i)since 1994, the World Bank – as one of the founding partners of the GEF – has served as theTrustee and administrator of funds, (ii) occupies two official observer positions on thegoverning body – the GEF Council, (iii) is one of ten Implementing Agencies for GEFfinancedprojects, and (iv) as a special case, the World Bank provides administrative supportto the GEF secretariat and while the secretariat is physically located in the Bank’s building,it has its own independent governance structure with the CEO reporting to the GEF Counciland Assembly. The GEF also provides secretariat services for the previously describedAdaptation Fund and operates two other FIFs – the Least Developed Countries Fund forClimate Change (LDCF) and the Special Climate Change Fund (SCCF) which are describedbelow:110
APPENDIX E: FINANCIAL INTERMEDIARY FUNDS• Least Developed Countries Fund for Climate Change (LDCF): This is a trust-fundedGlobal Partnership Program established under the GEF in November 2001 under theUNFCCC at its seventh session in Marrakesh to address the needs of least developedcountries (LDCs) whose economic and geophysical characteristics make them especiallyvulnerable to the impact of global warming and climate change. The trust fund was setupin 2002 and in its initial phase supports a work program to assist Least DevelopedCountry Parties carry out preparation and implementation of National AdaptationPrograms of Action (NAPAs) which identify priority activities that address the urgentand immediate climate change adaptation needs. Trust funds began disbursing in FY04and have totaled $27 million through FY10. The World Bank serves the LDCF in threecapacities: (i) acts as Trustee to administer funds, (ii) occupies two official observerpositions on the governing body – the GEF Council, and (iii) is an Implementing Agencyfor LDCF-financed projects.• Special Climate Change Fund (SCCF): This is a trust-funded Global PartnershipProgram established under the GEF in November 2001 under the UNFCCC at its seventhsession in Marrakesh. The trust fund was setup in 2004 to finance activities, programs,and measures relating to climate change that are complementary to those funded by theresources allocated to the climate change focal area of the Global Environment Facility(GEF) trust fund and by bilateral and multilateral funding in the areas of: (i) adaptation;(ii) transfer of technologies; (iii) energy, transport, industry, agriculture, forestry, andwaste management; and (iv) activities to assist developing countries whose economiesare highly dependent on income generated from the production, processing, and exportor consumption of fossil fuels and associated energy-intensive products in diversifyingtheir economies. Trust fund disbursements began in FY07 and have totaled $22 millionthrough FY10. The World Bank serves the SCCF in three capacities: (i) acts as Trustee toadminister funds, (ii) occupies two official observer positions on the governing body –the GEF Council, and (iii) is an Implementing Agency for SCCF-financed projects.Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund): This is a trustfundedGlobal Partnership Program established as an independent legal entity in 2002 toattract, manage and disburse resources rapidly, and to leverage additional resources to stemand provide treatment for three specific diseases. Structured as a partnership betweendeveloped countries, developing countries, the private sector, civil society and affectedcommunities, the fund finances disease-specific programs developed by recipient countries,and in recent years program components focused more broadly on health systemsstrengthening. Around 68% of Global Fund investments are in low-income countries, withanother 25% in lower-middle-income countries. Since its establishment in FY02 throughFY10, disbursements have totaled $11.8 billion. The World Bank serves as Trustee of theGlobal Fund making disbursements directly to recipient countries on instruction from thefund and is a non-voting ex-officio member of the board.Guyana REDD-Plus Investment Fund (GRIF): This fund was agreed between the WorldBank and Norway in October 2010 as the financial mechanism through which Norway willchannel performance-based compensation to support the implementation of Guyana’s Low-Carbon Development Strategy (LCDS). It was established to provide interim payments toGuyana ahead of an international REDD (Reducing Emissions from Deforestation and111
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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 154 and 155: ENDNOTES3. Over fiscal 2002-10, the
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Page 158 and 159: SELECTED BIBLIOGRAPHYKharas, H. 200
Page 160 and 161: SELECTED BIBLIOGRAPHY____. 2010l.
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