IBRD Trust Funds - World Bank
$17,000,000.00 CAD
- Department
- Global Affairs Canada
- Program
- —
- Recipient country
- Colombia
- Fiscal year
- 2018-2019
- Agreement period
- March 28, 2019 – October 31, 2022
- Project status
- Closed
- Reference
- CA-3-P006901001
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.
In plain English AI-generated
This record funds the Global Concessional Financing Facility, which provides concessional loans and grants to middle-income countries affected by refugee crises, including Colombia, to help them absorb economic and social shocks.
Category: Foreign Aid Development Primarily funds activity outside Canada
Based on the published description. See how AI categorization works — the linked official record is authoritative.
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