The International Bank of Reconstruction and Development (IBRD) serves as the Trustee for the Climate Investment Fund (CIF). In its capacity as Trustee, IBRD established both the Clean Technology Fund (CTF) and Strategic Climate Fund (SCF) Trust Funds to receive donor contributions. It holds in trust, as a legal owner and administrator, the funds, assets and receipts that constitute the Trust Fund, pursuant to the terms entered into with the contributors.
In accordance with the terms of the contribution agreements and the availability of funds, the Trustee will make commitments and transfers of CIF resources, with the approval of the Trust Fund Committees. Commitments and transfers of CIF resources to MDBs are made in the manner agreed on by the Trustee and MDBs.
Each MDB is responsible for the use of funds transferred by the Trustee in accordance with its own policies, guidelines and procedures and the decisions of the Trust Fund Committees. The Trustee requires periodic financial reports from the MDBs, as agreed to by the Trustee and the Trust Fund Committees.
Regular reports on the financial status of the Trust Funds are be provided by the Trustee to the CTF and SCF Trust Fund Committees. The Trustee is accountable to these Committees for its performance.