The Board, having considered document GCF/B.45/08 titled “Status of approved fundings proposals: Waiver of Board Conditions in respect of FP050 (Bhutan for Life)”:
- Approves the waiver of the Board condition as described in document GCF/B.45/08;
Agrees that the following condition for FP050 that was set out in decision B.18/08, annex XIII, table 2:
“(i) Submission by the Accredited Entity of the following documents:
(1) APRs, including technical and financial monitoring and reporting on BFL to ensure that:
- All Activities planned in a given year, as specified in the Funding Proposal are implemented; and
- All Milestones and Indicators Targets, as specified in the Funding Proposal, relevant to a given year are achieved.(2) …
(3) Evidence showing RGoB budget allocation for the BFL project corresponding to a 20% real increase for the first year, and a 5.2% real increase for each subsequent year until the end of the 14 years Transition Fund period;
(4) Evidence showing that the RGoB through the Bhutan Trust Fund for Environmental Conservation contributes at least 500,000 USD per year to support BFL activities throughout the 14 year life of the Transition Fund in addition to the RGOB budget increases specified in point (3) above; and
(5) …”
shall be modified to read as follows:
“(i) Submission by the Accredited Entity of the following documents:
(1) APRs, including technical and financial monitoring and reporting on BFL to track the extent to which:
- Activities planned in a given year, as specified in the Funding Proposal, are implemented; and
- Progress against outputs and Indicators Targets, as specified in the Funding Proposal, relevant to a given year, has been demonstrated.(2) …
(3) Evidence showing RGoB budget allocation for the BFL project corresponding to a 20% real increase for the first year, and a 5.2% real increase for each subsequent year until the end of the 14th year of the Transition Fund period;
(4) Evidence showing that the RGoB through the BTFEC contributes at least 500,000 USD per year to support BFL activities for the first 14 years of the Transition Fund in addition to the RGoB budget increases specified in point (3) above; and
(5) …”; and
- Authorizes the Secretariat to negotiate and execute the relevant legal agreements to reflect the changes approved in paragraph (b) above.