New financing instruments like the GCFF respond to the important need for medium and longer term interventions for refugees and local communities. They bring predictability and coherence to crisis response efforts and encourage closer cooperation between humanitarian and development agencies.”
Filippo Grandi – United Nations High Commissioner for Refugees
GCFF’s unique approach to address an unprecedented challenge might ultimately usher in a paradigm shift in development finance going forward.”
Bandar M. H. Hajjar – President, Islamic Development Bank Group
Working together on this new initiative we are creating economic opportunities for both refugees and nationals of the host countries, making their economies more robust and resilient in the longer term.”
Suma Chakrabarti – President, European Bank for Reconstruction and Development
$1 from Supporting Countries can unlock $3-4 in Concessional Loans.
Supporting Countries provide contributions to the GCFF to improve the lives of the forcibly displaced, and the countries hosting them.
Contributions made to the GCFF are allocated to projects that improve infrastructure and the delivery of public services in host countries.
Allocations from the GCFF result in a significant reduction to the interest rates on loans made to Benefitting Countries by Implementation Support Agencies.
Benefitting Countries are able to access affordable and more sustainable financing to adapt to the influx of refugees and to benefit the host community.
The GCFF Steering Committee consists of the following decision-making members: Jordan, Lebanon, Colombia, Canada, Denmark, the European Commission, Germany, Japan, the Netherlands, Norway, Sweden, the United Kingdom, and the United States. It also includes non-decision-making observers—EBRD, EIB, IsDB, World Bank, and IMF, as well as the UN (represented by the Office of the UN High Commissioner for Refugees and the UN Development Program, as well as the UN Resident Coordinators for each Benefitting Country).
The Coordination Unit, housed in the World Bank, facilitates the work of the GCFF by supporting the Steering Committee and serving as a liaison with the Trustee and ISAs. The Unit comprises a small team of professional and administrative staff headed by a program manager.
The GCFF has a governance structure consisting of a Steering Committee, a Coordination Unit, a Trustee, and Implementation Support Agencies (ISAs–these are the MDBs or UN agencies that assist with implementation of the approved development projects). The governance structure is laid out in the GCFF Operations Manual (OM), with the principles, features, and objectives that underpin the Facility. Decisions of the Steering Committee are made in an inclusive and consensus-based manner, either virtually or in face-to-face meetings.
