The Fund is dedicated to reversing the deterioration of the Earth's ozone layer. It was established by a decision of the Second Meeting of the Parties to the Montreal Protocol (London, June 1990) and began its operation in 1991. The main objective of the Fund is to assist developing country parties to the Montreal Protocol whose annual level of consumption of the ozone depleting substances (ODS) chlorofluorocarbons (CFCs) and halons is less than 0.3 kilograms per capita to comply with the control measures of the Protocol. Currently, 147 of the 197 Parties to the Montreal Protocol meet these criteria. They are referred to as Article 5 countries.

The Multilateral Fund is managed by an Executive Committee with equal membership from developed and developing countries. The Fund Secretariat, located in Montreal, assists the Executive Committee in this task. Projects and activities supported by the Fund are implemented by four international implementing agencies.

Contributions to the Multilateral Fund from developed countries, or non-Article 5 countries, are assessed according to the UN scale of assessment. As at 7 December 2018, the contributions made to the Multilateral Fund by some 45 countries (including Countries with Economies in Transition or CEIT countries) totalled over US$ 3.89 billion.

The Fund has been replenished ten times: US $240 million (1991-1993), US $455 million (1994-1996), US $466 million (1997-1999), US $440 million (2000-2002), US $474 million (2003-2005), US $400.4 million (2006-2008), US $400 million (2009-2011), US $400 million (2012-2014), US $437.5 million (2015-2017), and US $540 million (2018-2020).

The Multilateral Fund has also received additional voluntary contributions from a group of donor countries intended to finance fast-start activities for the implementation of the HFC phase-down. As at 30 November 2018, additional voluntary contributions stood at US $25,513,071.

Since the inception of the Fund, the Executive Committee has held 83 meetings.

To facilitate phase-out by Article 5 countries, the Executive Committee has approved 144 country programmes, 144 HCFC phase-out management plans and has funded the establishment and the operating costs of ozone offices in 145 Article 5 countries.

The Executive Committee has also approved a total of US $33.6 million for projects for fast-start implementation of the HFC phase-down.

 Developing countries (Article 5)

- Argentina
- Benin
- China
- Grenada
- Kuwait
- Niger
- Rwanda

Developed countries (non-Article 5)

- Belgium
- Canada
- France
- Hungary
- Japan
- Norway  
- United States of America

Chair and Vice-Chair

Mr. Philippe Chemouny (Canada) serves as Chair of the Executive Committee for one year beginning 1 January 2019. Ms. Juliet Kabera (Rwanda) serves as Vice-Chair.

The 83rd meeting was held in Montreal, Canada, from 27 to 31 May 2019. The 84th meeting will be held from 16 to 20 December 2019 in Montreal. The 85th meeting will be held from 25 to 29 May 2020 in Montreal. The 86th meeting will be held during the week preceding the Thirty-Second Meeting of the Parties to the Montreal Protocol, which was tentatively booked for 23 to 27 November 2020, at a venue to be decided.