News

Countries Selected for World Bank’s Climate Investment Funds’ Governing Bodies

17 October 2008: Two sets of seven donor countries and seven potential recipient countries have been selected to serve on the Clean Technology Fund (CTF) Trust Fund Committee and the Strategic Climate Fund (SCF) Trust Fund Committee, respectively, to oversee the decisions concerning investments and implementation of the recently created World Bank Climate Investment Funds (CIF).

The US$6 billion Funds were created in September to provide interim, scaled-up funding to help developing countries in their efforts to address climate change in their development strategies. According to the CIF design, donor and potential recipient countries must hold an equal number of seats, to be selected through a consultation process. While the CTF will invest in projects and programmes in developing countries that contribute to the demonstration, deployment, and transfer of low-carbon technologies, the SCF will serve as an overarching fund for various programmes to test innovative approaches to climate change, thereby aiming at increasing climate resilience in developing countries. Both Trust Fund Committees will meet again in November to carry on their work. The selection of projects is expected early in 2009. [World Bank Press Release]