B.34/15: Consideration of funding proposals

The Board, having considered limited distribution document GCF/B.34/10/Rev.01 titled “Consideration of Proposed Changes included in the Restructuring Proposal for FP039: GCF-EBRD Egypt Renewable Energy Financing Framework”:

1. Approves:
   1. The major change to FP039 as described in document GCF/B.34/10/Rev.01, in particular to authorize the use of GCF proceeds to support subprojects whose GCF environmental and social risk category is ‘A’ under the programme; and
   2. The waiver of the Board condition as described in document GCF/B.34/10/Rev.01; and
2. Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the approvals set out in paragraph (a) above.