B.BM-2016/05: Clarification of decision B.11/11 with respect to deadlines for general conditions

The Board, having considered document GCF/BM-2016/04 titled “Clarification of Decision B.11/11 with respect to deadlines for general conditions”:

1. Recalls that eight funding proposals were approved in Decision B.11/11, subject to the general conditions in Table 1 of the Annex I to that decision,
2. Notes that general condition (iii) under the heading ‘Conditions to be met prior to the execution of the funded activity agreement’ requires that all accredited entities must obtain all final internal approvals to implement the project or programme, and an legal opinion/certificate confirming this within 120 days after Board approval,
3. Notes further that some accredited entities can only commence internal processes to fulfil condition (iii) once an Accreditation Master Agreement (AMA) has been signed by the GCF and the accredited entity in accordance with condition (i) of the same list,
4. Decides to clarify that in respect of an accredited entity, the 120 day period in condition (iii) will only commence once an AMA has been executed between the GCF and such entity.