Decision 98/54

Subsequently, the Executive Committee decided:

1. That the approach used for funding associated with technical assistance and agency support costs under the present projects was exceptional, including with regard to whether technical assistance and agency support costs were part of the funding returned to the Multilateral Fund, and would not set a precedent for future projects;
2. Not to approve the energy efficiency revolving fund end user project for Grenada;
3. To approve the energy-efficiency revolving-fund end-user project for Thailand in the amount of US $20,500,000, plus agency support costs of US $1,435,000, for the World Bank, on the understanding:
   1.  That the principal amount of US $20,000,000 would be deployed through a revolving-fund mechanism for an initial period of eight years, after which the principal amount would be returned to the Multilateral Fund; 
   2. That US $500,000 would be deployed for technical assistance activities, noting that the Government of Thailand had offset that amount by reducing support requested for the project management component of stage III of the HCFC phase-out management plan for Thailand;
   3. That the minimum energy-efficiency improvement for the project compared to the baseline levels would be at least 10 per cent for beneficiaries in the large air conditioning market segment, and at least 20 per cent for beneficiaries in other segments;
4. To approve the global energy-efficiency revolving-fund end-user project in the amount of US $20,825,000, plus agency support costs of US $1,457,750, for UNDP, on the understanding: 
   1. For the project in Colombia:
      1. That the principal amount of US $8,000,000 would be deployed through a revolving fund mechanism for an initial period of eight years, after which the principal amount would be returned to the Multilateral Fund; 
      2. That US $260,000 would be deployed for technical assistance activities;
      3. That the minimum energy-efficiency improvement for the project would be at least 25 per cent compared to the baseline levels for the beneficiaries;
   2. For the project in Ghana:
      1. That the principal amount of US $4,000,000 would be deployed through a revolving fund mechanism for an initial period of eight years, after which the principal amount would be returned to the Multilateral Fund; 
      2. That US $165,000 would be deployed for technical assistance activities;
      3. That the minimum energy-efficiency improvement for the project would be at least 25 per cent compared to the baseline levels for the beneficiaries;
   3. For the project in Jordan:
      1. That the principal amount of US $8,000,000 would be deployed through a revolving fund mechanism for an initial period of eight years, after which the principal amount would be returned to the Multilateral Fund; 
      2. That US $240,000 would be deployed for technical assistance activities;
      3. That the minimum energy-efficiency improvement for the project would be at least 25 per cent compared to the baseline levels for the beneficiaries;
   4. That US $160,000 would be deployed for global technical assistance;
   5. That UNDP, in consultation with the Governments, would report back at the 102nd meeting regarding any progress in securing co-finance to support technical assistance from the Governments, financial institutions and end users; and
5. To request the Secretariat to prepare, for consideration by the Executive Committee at its 99th meeting, a format for performance reporting for the projects approved.