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Detail of GEF Project #1615

GEF Project ID1615
IBRD PO ID75046
Funding SourceGEF Trust Fund
Project NameGeothermal Energy Development Program , GeoFund
CountryRegional
RegionEurope and Central Asia
Focal AreaClimate Change
Operational Program6
Pipeline Entry Date2002-02-11
PDF-B Approval Date2003-05-12
Approval Date2003-05-16
CEO Endorsement Date2006-10-18
GEF Agency Approval Date2006-11-14
Project Completion Date2009-12-30
Project Cancellation Date2010-04-12
Project StatusCancelled
Executing AgencyWorld Bank and national entities
DescriptionThe Strategic Partnership for Geothermal Energy Development is designed with the goal to systematically promote the use of geothermal energy in the ECA Region through assistance in barrier removal, provision of financial support, and capacity building. Partners will be the participating countries in the ECA Region, the World Bank and GEF, International Financial Institutions (IFIs) such as EBRD and other financial institutions focusing on ECA Countries, UNDP and UNEP, as well as multilateral and bilateral donors. The Partnership will be open to any of the ECA Countries. The Strategic Partnership would involve: (a)Provision of technical assistance and capacity building to transfer know-how and to establish a geothermal data base and capacities to develop and implement GE, (b)Support of capital investments in GE, (c)Development of reforms of the energy market related policies, legal regulatory and institutional framework, and (d)Monitoring of trends of use of GE and more generally RERs during the period of 2001-2007 in participating ECA countries. Under the framework of the Partnership, the World Bank and GEF will take the lead to set up the World Bank-GEF Geothermal Energy Development Fund (GeoFund) which will provide (a)A TA Window, (b)A partial risk guarantee window to mitigate against the geological risks, and (c)An investment finance window with contingent grants or low cost funding to help monetize externalities of geothermal projects. Other partners of the Strategic Partnership could be providing support for policy and institutional reforms, project preparation and implementation as well as co-financing for geothermal investments. The Strategic Partnership’s primary global objective is to reduce emissions of greenhouse gases (GHGs) in the interest of climate change mitigation through implementation of geothermal projects. Thus, the Partnership through its technical assistance, capacity building, support of barrier removal and hands-on assistance in project funding would help participating countries in the Region in their efforts to reduce the emissions of greenhouse gases in compliance with their commitments to the Kyoto Protocol. It is well known, that ECA countries are large emitters of these gases on a per capita basis
Implementation StatusGeothermal Development Fund paper was approved by Council at its May 2003 session for the overall amount of $25 million to be released and provided in two tranches: $8 million for Pilot Phase and $17 million for full implementation phase to be requested in FY04/05 depending on progress in the Pilot Phase. It was unanimously agreed to have only one grant agreement with Russia for the total amount of $700,000. An Amendment to Grant Agreement was approved 3/19/04. Since NOT all expenses will be incurred by 9/30/04, the preparation grant (TF052705) closing date was extended through 3/31/2005.
PDF B Amount
700,000 USD
GEF Project Grant
9,384,420 USD
GEF Grant
10,084,400 USD
Cofinancing Total
163,520,000 USD
Project Cost
173,604,000 USD
GEF Agency Fees
2,500,000 USD
GEF Project (CEO Endo.)
9,384,420 USD
Cofinancing Total (CEO Endo.)
163,520,000 USD
Project Cost (CEO Endo.)
173,604,000 USD
GEF Agency Fees (CEO Endo.)
2,500,000 USD
Project Documents

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