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Capital market development in Brazil is a key policy issue going forward to foster savings, investment and absorptive capacity in a context of prospects for sizable capital flows in the medium term. Brazil’s savings and investment levels as a share of GDP are still low by international standards. As such, deepening capital markets would be important for increasing incentives for savings and allocating these efficiently to investments. Deep and liquid capital markets could also help bolster resilience to capital flows by developing greater absorptive capacity. This paper reviews the state of play in Brazil and steps for further development | CLiMATE Investment FuNds SCF TFC.8 Inf.2 April 19 2012 Meeting of the SCF Trust Fund Committee Washington D.C. May 1 2012 Trustee Report on the Financial Status of the Strategic climate Fund Part I SCF Trust Fund I. Introduction 1. This report provides the Trust Fund Committee of the Strategic Climate Fund SCF with information on the financial status of the SCF Trust Fund. The paper is divided into four sections. Part I provides the summary financial information on the SCF Trust Fund as a whole Part II provides details on the Pilot Program for Climate Resilience PPCR Part III the Forest Investment Program FIP and Part IV the Scaling-Up Renewable Energy in Low Income Countries Program SREP . Annex 1 prepared based on information provided by the Multilateral Development Banks MDBs presents the status of disbursements made by the MDBs. II. Status of contributions 2. Contributions comprise both pledges and commitments from Contributors. Pledges represent a Contributor s expression of intent to make a contribution and are converted to commitments by way of a countersigned Contribution Agreement Arrangement. Table 1 presents the contributions to the SCF broken down into pledged and committed amounts in pledging currency. The contributions to the SCF amount to USD eq. 2.3 billion valued at the exchange rates available on the date of the Climate Investment Funds CIF pledging meeting. The current value of the contributions amount to USD eq. 2.2 billion as of March 31 2012 a difference of USD eq. 142 million due to exchange rate movements . Since last reported Sweden contributed a grant contribution of SEK 100 million to the FIP. In addition the United Kingdom has committed an additional contribution in the amount of GBP 260 million to the CIFs as part of the UK s Fast Start commitment including GBP 133 million to the Clean Technology Fund CTF . Total receipts to the SCF Trust Fund amount to USD eq. 1.6 billion. Pledges and unpaid donor commitments amount to USD eq. 565 .