The new European Financial Stability Facility (EFSF) is not up to the task.

Namibia urged the secretariat of the Convention and of the United Nations Global Environment Facility to conclude a memorandum of understanding as soon as possible, making the Facility the financial mechanism of the Convention, and called for additional financial support for the Facility from other sources of funding.

Recalling further its decision 6 COP.6 on collaboration between the Global Environment Facility (GEF) and the UNCCD, by which it accepted the Facility as a financial mechanism of the Convention,

The newly created European Financial Stability Facility may play a similar role, but its war chest is limited.

Substantially increasing the financial base of the Global Environment Facility is critically important and should be seriously considered.

This facility was introduced to help members alleviate severe financial difficulties that could not be resolved through other means.

After all, the European Financial Stability Facility (EFSF), created by the eurozone countries last May, is the largest CDO ever created.

The first step was taken recently when the European Financial Stability Facility was authorized to rescue banks as well as governments.

We view the idea of front loading additional resources through the International Financial Facility and other innovative mechanism as being positive.

Part 4 reviews and evaluates financial mechanisms established by multilateral environmental agreements the Part also reviews the Global Environment Facility (GEF).

These funds are used to provide financial assistance to non eurozone EU countries through the Medium Term Financial Assistance Facility, to eurozone countries through the now expired European Financial Stabilization Mechanism, and to partner third countries.

The starting point of the contagion was investors realization that Europe s rescue fund, the European Financial Stability Facility, was designed to provide emergency financial support only to the peripheral countries.

But this has changed with the creation of a European rescue fund in the form of the European Financial Stability Facility (EFSF).

In the case of countries with poor fiscal positions, Europe s rescue fund, the European Financial Stability Facility, can lend for this purpose.

For now, the European Central Bank will purchase some of their bonds as a bridge to the eurozone s new European Financial Stabilization Facility.

Additionally, the study examines the Global Environment Facility (GEF), which serves as the interim operational entity for several of the MEA financial mechanisms.

Facility monitoring

Urges the Global Environment Facility, as a matter of high priority, to make financial resources available for capacity building activities in affected developing country parties and to facilitate coordination between the Facility and Convention focal points at the country level

8. Urges the Global Environment Facility, as a matter of high priority, to make financial resources available for capacity building activities in affected developing country parties and to facilitate coordination between the Facility and Convention focal points at the country level

The European Financial Stability Facility European Stability Mechanism (EFSF ESM) should carry out the necessary recapitalization of the Greek banks via direct capital injections.

Global Environment Facility Global Environment Facility, Instrument for the Establishment of the Restructured Global Environment Facility, 1994, as amended, http thegef.org GEF_Instrument3.pdf.

Global Environment Facility

In this combustible environment, policymakers are desperately using various vehicles including the ECB, the International Monetary Fund, and the European Financial Stability Facility in an attempt to stem the financial panic, contagion, and risk of recession.

The game started with the bailout fund for Greece, which was followed by the European Financial Stability Facility, the European Financial Stability Mechanism, and the International Monetary Fund, which in turn were relieved by the ESM.

It is not surprising that bonds issued by the European Financial Stability Facility (the eurozone s rescue fund) are trading at a substantial premium over German debt.

Until recently, such official finance came from fiscal authorities (the European Financial Stability Facility, soon to be the European Stability Mechanism) and the International Monetary Fund.

The market decided that this might also apply to the Irish government, which then had to be bailed out by the European Financial Stability Facility (EFSF).

C. Slum Upgrading Facility

the Global Environment Facility

GEF Global Environment Facility

Official resources need to be tripled through a larger European Financial Stability Facility (EFSF), Eurobonds, or massive ECB action to avoid a disastrous run on these sovereigns.

and the Global Environment Facility

Verification of a generic facility

We also welcome various other initiatives, including the United Kingdom proposal for an International Financial Facility, which arranges for borrowing on the financial markets to increase assistance to the poorest countries, in particular for the fight against HIV AIDS.

But we are where we are. A glimmer of hope is Europe s willingness to use the European Financial Stability Facility (EFSF) imaginatively as equity or first loss cover.

Eurozone officials decision to reform the surveillance of governments and banks, and to boost the European Financial Stability Facility, is a welcome response, but, unfortunately, a partial one.

Innovative financial mechanisms such as the International Finance Facility, carbon off setting, emissions trading, international taxation and the potential of debt for nature swaps should be further explored.

Financial Mechanisms Operated by the Global Environment Facility The GEF serves as the interim operational entity for the financial mechanisms of several MEAs, including the Stockholm POPs Convention, the Convention on Biological Diversity, and the Framework Convention on Climate Change.

The facility opened June 11, 2006.

Guidance to the Global Environment Facility

Global Environment Facility 87 94 15

8. Calls upon the international community, the United Nations system and the multilateral financial institutions, including the Global Environment Facility, within its mandate, to support actively the above mentioned approach

In addition, the absence of an IMF insurance facility with acceptable terms has been a major gap in the global financial architecture, especially for the more dynamic emerging market economies.

4. Encourages the Conference of the Parties and the Council and Assembly of the Global Environment Facility to continue to collaborate closely and effectively to facilitate the financing of the successful implementation of the Convention by supporting financial mechanisms such as the Facility, so as to fully achieve the objectives of the Convention

13. Calls upon the international community, the United Nations system and the multilateral financial institutions, and invites the Global Environment Facility, within its mandate, to support actively the above mentioned approach