# 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.