TAILIEUCHUNG - Joint Meeting of the CTF and SCF Trust Fund Committees - CIF FY13 BUSINESS PLAN AND BUDGET

Economic literature often discusses that in the area of access to finance for SMEs, a market imperfection/failure is not only present during a deep recession but also on an ongoing basis as a fundamental structural issue. The reasons for the market failure relate to insufficient supply of capital (debt or equity) and inadequacies on the demand side. This market failure is mainly based on asymmetric information (in the case of debt: information gap between lender and borrower), combined with uncertainty, which causes agency problems that affect debt providers´ behaviour (see Akerlof, 1970 and Arrow, 1985). . | CLỉmate Investment FuncJs CTF-SCF 9 April 19 2012 Joint Meeting of the CTF and SCF Trust Fund Committees Washington . May 1-2 2012 Agenda Item 10 CIF FY13 Business Plan and Budget Executive Summary I. INTRODUCTION 1. Over the last three and a half years pilot countries have prepared 46 investment plans with envisaged CIF funding of billion equivalent to about 86 of funds pledged to the CIF for endorsement by the Clean Technology Fund CTF and the three Sub-Committees of the Strategic Climate Fund s SCF s targeted programs. By the end of FY12 it is expected that CIF funding for 64 projects flowing from the endorsed investment plans will have been approved for a total of billion. 2. Going forward the main challenges are to ensure high quality and timely CIF program implementation at country level enhance stakeholder participation monitor progress and outcomes against indicators consistent with agreed simplified CIF result frameworks and capture and share lessons learned. Addressing them will require efficient management by the CIF Administrative Unit and the five participating Multilateral Development Banks MDBs of available resources and pipelines of project proposals and support for continued emphasis of the programmatic approach for implementation of investment plans. II. Business Development and Targets 3. Programming of CIF resources is not restricted to developing investment plans but extends into plan implementation. Coordination to ensure the continued programmatic focus on the use of CIF resources is a vital component of implementation. It involves four main tasks a encouraging continued dialogue with and among all stakeholders b facilitating progress in the implementation of CIF programs in the country c monitoring and reporting of performance results and outcomes at the country program level and d promoting information and lessons sharing among local and external stakeholders see Enhancing Country Coordination Mechanisms MDB Collaboration

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