The GEF policy on cofinancing was approved by the GEF Council at its May 2003 meeting, based on a discussion of the paper on Co-financing (GEF/C.20/6/Rev.1).

The Council approved the policies and associated procedures described in the document, and directed the Secretariat and the GEF Agencies to: implement the policy in work programs and projects approved by CEO under expedited procedures and report to the Council through business plans on the overall progress in implementing the policy. 

The secretariat is in the process of preparing a revised cofinancing policy paper to present to Council. The paper will clearly spell out the implementation experience of cofinancing since 2003 including the latest policies related to the revised project cycle. 

Reference to the existing cofinancing policy can be found in a note prepared for the GEF Operations Manual, which also provided clarification on the terms used in cofinancing and project preparation (Co-Financing Policies and Operational Guidelines).