Board Decisions

GF/B52/DP06

Approved by the Board on: 21 November 2024


Catalytic Investments for the 2026-2028 allocation period (Grant Cycle 8)

Based on the recommendation of the Strategy Committee (the “SC”) as presented in GF/B52/08C Revision 1, the Board:

  1. Acknowledges that the total amount of sources of funds for allocation for GC8 will be decided by the Board in November 2025, based on the recommendation of the Audit and Finance Committee following announced replenishment results from the 8th Replenishment;
  2. Approves that the total amount of funding for catalytic investments in GC8 will be determined by the total amount of sources of funds for allocation for GC8;
  3. Approves catalytic priorities for GC8, based on the total amount of sources of funds for allocation, as set forth in Table 1 of GF/B52/08C Revision 1, including catalytic priorities that remain unfunded by the Global Fund based on the total amount of funding available for catalytic investments for GC8;
  4. Agrees that in the event that sources of funds for allocation for GC8 are above the midpoint of the funding range specified for any scenario in Table 1 of GF/B52/08C Revision 1, the Secretariat may recommend to the Board to approve additional amounts for catalytic investments (up to 50% of the difference in total catalytic funding for the applicable scenario and the next higher funding scenario) to be invested in the priority areas for the next higher funding scenario in Table 1 of GF/B52/08C Revision 1;
  5. Agrees that in the event that private sector contribution to any of the priorities in Table 1 of GF/B52/08C Revision 1 is contingent upon a co-investment from allocation funding in the specified priority, the Secretariat may recommend to the Board to approve additional amounts for such priority for this co-investment purpose;
  6. Agrees that catalytic investments will still be necessary should sources of funds for allocation for GC8 be less than US$12.26 billion, but that amounts for specific priorities will need to be determined at a later date considering the latest data and considerations on leveraging private sector funding, based on recommendation by the Secretariat, in coordination with SC leadership, to the Board;
  7. Approves that the Secretariat will:
    1. have flexibility to operationalize catalytic investments;
    2. report to the SC and Board on such operationalization;
    3. have flexibility, within the total amount of funding for catalytic investments, to increase or decrease the amount for any approved priority by up to 15%, with the exception of reallocation to Board-approved, but unfunded, priorities which requires prior SC approval in all cases; and report to the SC on any such changes; and
    4. present any increase or decrease of an amount for any approved priority above 15% to the SC for approval; and
  8. Agrees that the Secretariat will have delegated authority to increase the amount of funding available for the Emergency Fund and Blended Finance priorities using funding approved as available by the Audit and Finance Committee for portfolio optimization, and that paragraph 7 (iii) and (iv) above will not apply to increases to the Emergency Fund and Blended Finance priorities.

Budgetary Implications

Associated management costs for catalytic investments will be covered by catalytic investments and/or operating expenses as applicable.