The CIF’s governance and accountability framework is supported by appropriate financial and management reporting. One of the CIF’s operational principles is to have separate responsibilities for resource allocation, fiduciary responsibilities and administrative functions. The Trust Fund Committees have the authority for resource allocation in accordance with the power assigned to them through the CIF Governance Framework documents for the CTF and SCF.
The IBRD as Trustee is in charge of the fiduciary responsibilities in accordance with the Governance Framework for the CTF and SCF as well as in accordance with the World Bank fiduciary policies. The Trustee provides regular reports on the financial status of the CIF to the respective Trust Fund Committees.
At project level, each MDB is responsible for the use of funds transferred by the Trustee in accordance with its own fiduciary framework, policies, guidelines, and procedures. MDBs provide periodic financial reports on these issues, through their Boards, to the Trustee and to the Trust Fund Committees.
Each year an external auditor carries out an annual audit of the accounts of the CIF. A copy of the annual audited financial statement together with the auditor’s written report of the audit findings are shared with the Trust Fund Committees. The audit reports are published on the CTF and SCF Trustee’s website.
In September, 2008, donor countries pledged over $6.1 billion to finance the two CIF Trust Funds, Clean Technology Fund (CTF) and Strategic Climate Fund (SCF). The funds are disbursed as grants, highly concessional loans, and/or risk mitigation instruments.
*Represents realized amounts plus unrealized amounts valued on the basis of exchange rates as of June 30, 2014.
The latest CTF and SCF Trustee reports are now available on the Trustee website for Financial Intermediary Funds (www.worldbank.org/fiftrustee) along with trending reports and other helpful resources.
The website, launched on October 31, 2011, disseminates for each FIF (i) financial information and trend analysis; (ii) scheduled reports; (iii) financial statements; and (iv) links to helpful resources. Future plans include the addiciton on interactive capabilities to retrieve, filter, and download 'real-time' financial information and run analytical reports.