An Evaluation of the World Bank's Trust Fund Portfolio

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APPENDIX E: FINANCIAL INTERMEDIARY FUNDSForest Degradation) -Plus mechanism to support Guyana and as a pilot for subsequentfunding to others. Norway’s annual contributions to the GRIF will depend on Guyanameeting pre-agreed performance criteria related to REDD and verified by an independententity selected by Norway and Guyana. It is expected that Norway will provide funding ofup to $250 million through GRIF over six years. No cash transfers had been made as of endof calendar 2010. The World Bank acts as Trustee.Haiti Reconstruction Fund (HRF): Effective as of May 2010, this is a trust-fundedpartnership between the international community and the Government of Haiti to helpfinance post-earthquake reconstruction. The HRF mobilizes, coordinates, and allocatescontributions from bilateral and other donors to finance high-priority projects, programs,and budget support. The HRF does not manage all of the resources pledged for rebuilding,but is the largest source of un-earmarked financing which it disburses to implementingagencies acceptable by any one of its three partners (the Inter-American Development Bank,the United Nations, and the World Bank). While as of October 15, 2010, nine donorscontributed almost $255 million to the Fund, the fund was not yet disbursing as of the endof FY10. The World Bank serves HRF in four capacities: (i) acts as Trustee to administerfunds, (ii) occupies two non-voting seats on the HRF Steering Committee – one as theTrustee and one as a partner entity, (iii) is an Implementing Agency for HRF-financedprojects, and (iv) houses the secretariat with the program manager reporting to the LCRDirector of Strategy and Operations and VP and the HRF Steering Committee.International Finance Facility for Immunization (IFFIm): IFFIm is a developmentfinancing institution whose aim is to provide funding more quickly and predictably forimmunization programs through the GAVI Alliance, a Global Partnership Program, to 70 ofthe world’s poorest countries. Launched in 2006, IFFIm has received pledges worth $5.3billion for the next 20 years from the governments of 8 countries. With the backing of thesegovernment commitments, IFFIm borrows money by issuing bonds in the capital markets tofund vaccination programs in developing countries, thus using financial markets tofrontload commitments. IFFIm disburses funds through the GAVI Fund Affiliate (GFA)which is described separately. The World Bank serves as the treasury manager for IFFImand manages donors’ binding commitments and pledges. The Bank arranges issuance ofIFFIm bonds and provides risk management, investment management, accounting, legal,and other administrative services. While the World Bank sits on the GAVI Alliance Boardand Executive Committees, it does not serve on the IFFIm board.112
Appendix F: Reliance on Donor Funds toSupport International Finance CorporationActivityDonor CommitmentsThe IFC trust fund contributions increased significantly over the last year, albeit from a lowbase, from $305 million in FY09 to $1,142 million in FY10. Donors’ share in total annual trustfund contributions increased from 50–60 percent in previous years to 91 percent in FY10.Table F.1. IFC Trust Fund Contributions by DonorFY06 FY07 FY08 FY09 FY10Donors 122 143 149 175 1,042World Bank Group 109 160 90 130 100Grand total 231 302 239 305 1,142Source: IFC.In the past, trust fund contributions primarily funded IFC Advisory Services activities, andonly a small portion (less than 20 percent on an annual basis) was devoted to non-AdvisoryServices such as donor-funded investments (see table F.2). FY10 witnessed a significantchange. In support of IFC’s crisis-response initiatives, trust fund contributions forinvestments from donors expanded to $892 million in FY10 and accounted for 78 percent ofoverall IFC trust fund contributions in FY10 (see table F.2).Table F.2. IFC Trust Fund Contributions by Activity TypeFY06 FY07 FY08 FY09 FY10Advisory Services 217 267 233 241 250Non-Advisory Services (Donor funded investments) 14 35 6 64 892Grand total 231 302 239 305 1,142Source: IFC.Donor-Funded Advisory ServicesTrust funds serve as one of the main instruments for financing Advisory Services and areused for managing donor, client, and IFC’s own contributions (through FMTAAS, theFunding Mechanism for Technical Assistance and Advisory Services) to Advisory Services.Sovereign donors are the single largest funding source for IFC Advisory Services. IFC hasalso developed new, nongovernmental sources of funding, such as institutional and privatepartners/foundations. In FY10, 19 donor governments made new commitments to IFCAdvisory Services totaling $152 million, while institutional donors (namely GEF and the113
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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
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Page 158 and 159: SELECTED BIBLIOGRAPHYKharas, H. 200
Page 160 and 161: SELECTED BIBLIOGRAPHY____. 2010l.
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