IBRD Trust Funds - World Bank

Published purpose

The Global Concessional Financing Facility (GCFF) is an innovative financing mechanism designed to mobilize financial resources to support middle-income countries affected by refugee crises. Initially focused on the Middle East, as of 2019, the GCFF expanded to include countries affected by Venezuelan migration, such as Colombia, as eligible beneficiaries. The GCFF combines grants from donor countries with loans from multilateral development banks or agencies to create concessional financing packages. These packages contain terms that are below market rates for refugee-affected countries. This mechanism seeks to bridge the financing gap faced by these countries, allowing them to absorb better the economic and social shocks of the refugee crisis. It also assures the well-being of vulnerable populations within their borders.