Approved by the Board on: 19 November 2004
1.1 The choice of currency will apply only to new proposals submitted after 1 January 2005. Specifically:
1.2 Grants approved in Rounds 1 through 4 which have not been signed by 1 January 2005 will continue to be denominated in USD (i.e. the currency choice applies from Round 5 onwards)
1.3 Phase 2 renewals are not regarded as new proposals and hence will continue to be denominated in the currency chosen for Phase 1.
1.4 The currency choice must be made at the time of submission of the Proposal. Specifically, the applicant cannot change its chosen currency at any time after submission of the Proposal (including during implementation).
The operational implications of implementing the dual currency grant option in tandem with a potentially greater use of promissory notes in various currencies as described and recommended will necessitate additional finance personnel at the Secretariat and/or additional services from the Trustee for both the set-up phase and ongoing implementation. Provisional costing would allow for one additional P4/P5 staff member or outsourced consultant (approximate cost $165,000 per year) plus Trustee costs to be determined, arising partially in 2005.