The Executive Committee, recalling decision 95/87, subparagraphs (f) and (g), which established a funding window of US $40 million for two energy-efficiency end-user projects using a revolving-fund mechanism, on the understanding that it would not be operationalized until the Executive Committee had agreed on the modalities for operationalizing the revolving-fund window, decided to adopt the framework and modalities for operationalizing the revolving-fund window as set out in part C of document UNEP/OzL.Pro/ExCom/95/87, with the exception of annex I to that document, as it had been updated and, where relevant, revised, in document UNEP/OzL.Pro/ExCom/96/57, with the following understanding and modifications:
- Funding requests for projects should address the illustrative list of information set out in annex II to document UNEP/OzL.Pro/ExCom/95/87;
- An advisory board that included in its membership the national ozone unit, along with representatives of key stakeholders, should be established as described in document UNEP/OzL.Pro/ExCom/96/57 (paragraphs 4 to 7);
- Funds loaned through the revolving fund should be fully repaid to the Multilateral Fund by the national financial institutions through the implementing agencies;
- At the end of the eight-year tenor of the revolving-fund window, the funds would be returned to the Multilateral Fund; and
- The Executive Committee could propose updates to the agreed methodology in the light of experience gained with revolving funds.