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Detail of GEF Project #2619

GEF Project ID2619
Funding SourceGEF Trust Fund
Project NameFinancing Energy Efficiency and Renewable Energy Investments for Climate Change Mitigation
CountryRegional
RegionEurope and Central Asia
Focal AreaClimate Change
Operational Program5; 6
Pipeline Entry Date2005-03-16
Approval Date2005-11-10
CEO Endorsement Date2006-10-25
GEF Agency Approval Date2007-03-01
Project StatusUnder Implementation
GEF AgencyUNEP
Executing AgencyUN Economic Commission for Europe (UNECE)
DescriptionThis project is designed to establish a dedicated financial facility for energy efficiency and renewable energy in Eastern Europe and CIS that can serve as a vehicle for the large-scale participation of private sector investors in partnership with public entities. The proposal is to support the development of a US$ 250 million public-private equity Fund that will be able to complement other funding schemes (including those implemented or contemplated by the GEF and/or other supporting institutions) and, as a result, leverage an investment volume of upt to US$ 2 billion for energy efficiency and renewable energy projects.
Implementation StatusThe project document with the EA (UNECE) was signed in March 2007. The signature of the final agreements with the other co-financiers has taken some more time but was eventually finalized in June 2007. Since then, the main issue has been to get from the EA the necessary information so that the first cash advances can be sent on UNECE account. UNEP has eventually paid US§ 750,000 in September while the situation regarding the other co-financiers is still unclear, in spite of several requests made to UNECE. However, the work has started in the meantime with several terms of reference for the hiring of key consultants prepared and the recent posting of the corresponding tenders. The main issue to come is related to the UNECE internal lengthy procedures which may delay the selection of important service suppliers.
GEF Project Grant
3,000,000 USD
GEF Grant
3,000,000 USD
Cofinancing Total
9,260,000 USD
Project Cost
12,260,000 USD
GEF Agency Fees
270,000 USD
GEF Project (CEO Endo.)
3,000,000 USD
Cofinancing Total (CEO Endo.)
9,060,000 USD
Project Cost (CEO Endo.)
12,060,000 USD
Project Documents

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