112. The Executive Committee approved the following project to be implemented by the World Bank and the funds indicated:
Approved amount
(US $)
Halon 1211 production closure (Tongxiang Chemical Fertilizer Factory) 838,000
Approval was contingent on a permanent decrease in the total annual actual national halon production at a level of at least 400 tonnes below current levels as indicated in the project. This approval did not set a precedent with respect to policy issues raised by the project with respect to ODS production facility closure or treatment of foregone profits. The Executive Committee requested the Implementing Agencies and the Fund Secretariat to prepare jointly a document on all issues related to closure of halon production facilities, considering, inter alia, dismantling of equipment and demolishing facilities, profit reductions due to the shut-down, and salary compensations.