Understanding Co-Financing Requirements for UNDP-Supported, GEF-Funded Projects
Co-financing for GEF-financed projects refers to additional resources provided by the GEF Partner Agency or other non-GEF sources to support project implementation and goals. The sources of co-financing include various entities such as bilateral aid agencies, foundations, governments, civil society organizations, and the private sector. The types of co-financing can include grants, loans, guarantees, in-kind contributions, and more. Responsibility for co-financing lies with the project manager and team, along with the Portfolio Manager at UNDP, who report on it during midterm and final evaluations. The co-financing ratio is calculated by comparing non-GEF resources to GEF grant resources. Co-financing is essential for achieving project objectives and should be aligned strategically with financing priorities through regular meetings with partners.
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CO-FINANCING REQUIREMENTS FOR UNDP-SUPPORTED, GEF-FUNDED PROJECTS
WHAT IS CO-FINANCING? Co-financing for GEF-financed projects is defined as resources that are additional to the GEF grant and that are provided by the GEF Partner Agency itself and/or by other non-GEF sources that support the implementation of the GEF-financed project and the achievement of its objectives (p.1, GEF Co-Financing Policy available at http://www.thegef.org/sites/default/files/documents/Co-financing_Policy-2014_0.pdf )
WHAT ARE THE SOURCES? Bilateral Aid Agency(ies), Foundation, GEF Partner Agency, Local Government, National Government, Civil Society Organization, Other Multi-Lateral Agency(ies), Private Sector, Other WHAT ARE THE TYPES? Grant, Soft Loan, Hard Loan, Guarantee, In-Kind, Other
WHO IS RESPONSIBLE? Project manager together with the project team Portfolio Manager CO UNDP WHEN DO WE REPORT ABOUT CO- FINANCING? In both midterm and final evaluations.
HOW TO CALCULATE THE CO- FINANCING RATIO? The co-financing ratio is determined by the total of non-GEF resources provided for a project compared to GEF grant resources, including the GEF Project Grant and Project Preparation Grants. Enabling activities, which do not require co- financing, will not be counted in the overall portfolio co-financing ratio. p.3, GEF Co-Financing Policy available at http://www.thegef.org/sites/default/files/documents/Co-financing_Policy-2014_0.pdf
CO- FINANCING IN MIDTERM REVIEW Source: page 48 of GUIDANCE FOR CONDUCTING MIDTERM REVIEWS OF UNDP-SUPPORTED, GEF-FINANCED PROJECTS available at http://web.undp.org/evaluation/documents/guidance/GEF/mid-term/Guidance_Midterm%20Review%20_EN_2014.pdf
CO- FINANCING IN FINAL EVALUATION Source: page 39 of GUIDANCE FOR CONDUCTING TERMINAL EVALUATIONS OF UNDP-SUPPORTED, GEF-FINANCED PROJECTS available at http://web.undp.org/evaluation/documents/guidance/GEF/UNDP-GEF-TE- Guide.pdf
THINGS TO THINK/WRITE ABOUT Is co-financing being used strategically to help the objectives of the project? Is the Project Team meeting with all co-financing partners regularly in order to align financing priorities and annual work plans? Do you remember to report yearly?
