Board Decisions

GF/B08/DP14

Approved by the Board on: 30 June 2004

Multi-currency Grants and Proposals

The Board recommends the following:

From 2005, proposals submitted to the Global Fund may be denominated in USD as well as in Euro
Grant agreements may be signed in USD or Euro, depending on a recipient's preference. Disbursements will be made in the denominated currency of the grant agreement.
The Board requests the Trustee to incorporate in its data processing system for the Global Fund, the capacity to cater for grants denominated in USD as well as in Euro.
The Board authorizes the Secretariat to incur costs not exceeding USD 150,000, for this purpose. The Secretariat may use the contingency to cover this expenditure.
The Board mandates the MEFA Committee with the Secretariat to prepare the operational implications for the Ninth Board Meeting.
Budgetary implications of this decision point.

Budgetary Implications

The budgetary implications of this decision point could not be prepared prior to the adoption of this decision point.