B.BM-2019/08: Revised terms of reference for the review of the financial terms and conditions of the GCF financial instruments

The Board, having considered document GCF/BM-2019/08 titled “Revised terms of reference for the review of the financial terms and conditions of the GCF financial instruments”:

1. Approves the revised terms of reference for the review as set out in annex I;
2. Takes note of the first review of the financial terms and conditions of the GCF financial instruments led by the Investment Committee as set out in annex II;
3. Requests the Secretariat to conduct biennial reviews of the financial terms and conditions of the GCF financial instruments, as set out in annex II to decision B.09/04, based on the approved revised terms of reference and to report biennially the outcome of such review to the Board; and
4. Decides that Board approval for subsequent changes to the revised terms of reference for the review of the financial terms and conditions of the GCF financial instruments will only be necessary in the case that such changes are considered material by the Secretariat and the Investment Committee.