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CONTENTS
CONTENTS ............................................................................................................................................................. 2
ACKNOWLEDGMENTS AND DISCLAIMER ......................................................................................................... 3
LIST OF ABBREVIATIONS .................................................................................................................................... 4
PRESENTATION .................................................................................................................................................... 6
EXECUTIVE SUMMARY ........................................................................................................................................ 8
1. INTRODUCTION .......................................................................................................................................... 11
2. EXISTING ARCHITECTURE OF GLOBAL ENVIRONMENTAL FUNDS ................................................... 12
2.1 THE GLOBAL ENVIRONMENT FACILITY ..................................................................................................... 12
2.2 MULTILATERAL DEVELOPMENT BANKS .................................................................................................... 13
2.3 STRENGTHS OF THE EXISTING SYSTEM .................................................................................................... 15
2.4 WEAKNESSES OF THE EXISTING SYSTEM .................................................................................................. 15
3. THE EMERGENCE OF NEW ENVIRONMENTAL FUNDS ......................................................................... 19
3.1 DRIVING FORCES BEHIND THE NEW FUNDS ............................................................................................... 19
3.2 THE NEW BILATERAL FUNDS .................................................................................................................... 20
3.3 THE NEW MULTILATERAL FUNDS .............................................................................................................. 28
3.4 DUPLICATION, COMPLEMENTARITY AND SYNERGY BETWEEN FUND ACTIVITIES ............................................ 39
4. TOWARD A MORE COHERENT SYSTEM OF FUNDING .............................................................................. 44
4.1 MAJOR REQUIREMENTS OF A NEW SYSTEM OF GLOBAL ENVIRONMENTAL FINANCE ...................................... 45
4.2 THE FUTURE OF THE GEF ....................................................................................................................... 49
4.3 OTHER ISSUES REGARDING THE NEW FUNDS ............................................................................................ 51
5. CONCLUSION .................................................................................................................................................. 53
REFERENCES ...................................................................................................................................................... 55
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