INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
Executive Directors' Resolution No. 94-2
Global Environment Facility Trust Fund:
Restructuring and First Replenishment of the Global Environment Facility
WHEREAS:
(A) The Global Environment Facility (GEF or the Facility) was established in the International Bank for Reconstruction and Development (World Bank) as a pilot program in order to assist in the protection of the global environment and promote thereby environmentally sound and sustainable economic development, by Resolution No. 91-5, March 14, 1991, of the Executive Directors of the World Bank and related interagency arrangements for cooperation between the United Nations Development Programme (UNDP), the United Nations Environment Programme (UNEP), and the World Bank that became effective on October 28, 1991;
(B) In April 1992, Participants in the GEF agreed that its structure and modalities should be modified. Agenda 21 (the action plan of the 1992 United Nations Conference on Environment and Development), the United Nations Framework Convention on Climate Change and the Convention on Biological Diversity subsequently called for the restructuring of the Facility;
(C) Representatives of 73 States participating in the pilot phase of the GEF or wishing to participate in the restructured Facility have accepted the Instrument for the Establishment of the Restructured Global Environment Facility (Instrument) in Attachment A at their meeting in Geneva, Switzerland from March 14 to 16, 1994, "in order to take account of these developments, to establish the GEF as one of the principal mechanisms for global environment funding, to ensure a governance that is transparent and democratic in nature, to promote universality in its participation and to provide for full cooperation in its implementation among UNDP, UNEP and the World Bank..., and to benefit from the evaluation of experience with the operation of the Facility since its establishment;"
(D) It is necessary to replenish the resources for these purposes under a restructured Facility on the basis of this Instrument, which provides for a new Global Environment Facility Trust Fund (GEF Trust Fund);
(E) It is desirable to terminate the existing Global Environment Trust Fund (GET) and to transfer any funds, receipts, assets, and liabilities, held in it upon termination to the GEF Trust Fund;
(F) It is desirable to make arrangements for cooperation under Article V, Section 2 (b)(v) of the Articles of Agreement of the World Bank among UNDP, UNEP and the World Bank, with the governing bodies of global environmental conventions and with other international organizations in order to promote achievement of the purposes of the World Bank and the Facility, and the Executive Directors of the World Bank are recommending to the Board of Governors to adopt a resolution to make arrangements for such cooperation;
NOW THEREFORE it is hereby resolved that, subject to adoption by the Board of Governors of the proposed resolution referred to in paragraph (F) above:
1. The World Bank adopts the Instrument and agrees in accordance with its Articles of Agreement to accept and fulfill the responsibilities set out for it in the Instrument as Trustee of the GEF Trust Fund in accordance with paragraph 8 and Annexes B and C of the Instrument and as Implementing Agency in accordance with paragraph 22 and Annex D of the Instrument.
2. The GEF Trust Fund is hereby established and will become effective in accordance with Annex C, paragraph 6 (a) of the Instrument. The GET, existing under Resolution No. 91-5 of the Executive Directors of the Bank, will terminate on the effective date of the GEF Trust Fund in accordance with paragraph 32 of the Instrument, provided that, subject to the acceptance of this responsibility by the Council, pending termination the reference to "the Participant" in paragraph 7 of that Resolution is amended to read: "The Council under paragraph 33 of the Instrument for the Establishment of the Restructured Global Environment Facility."
3. The World Bank agrees to support the GEF Secretariat administratively in accordance with paragraph 21 and the provisions of Annex B of the Instrument.
4. The Executive Directors recommend that the Board of Governors adopt the draft resolution attached as Attachment B in Annex 3 to this report, under Article V, Section 2 (b) (v) of the Articles of Agreement of the World Bank in order to make arrangements to cooperate with UNDP and UNEP pursuant to paragraph 22 and Annex D of the Instrument; with the Conference of the Parties to the United Nations Framework Convention on Climate Change and the Conference of the Parties to the Convention on Biological Diversity pursuant to paragraphs 6 and 27 of the Instrument, and paragraph 7 of its Annex B; and with any other international organization as appropriate to promote achievement of the purposes of the GEF pursuant to paragraph 28 of the Instrument.
(Adopted May 24, 1994)
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