Project duration and funding
The Project will run for six and a half years, from December 2018 until May 2025. The approximate total cost of the project will be USD 49 million. Funds will be used to deliver a range of governance reforms at the national level through numerous capacity-building activities, training workshops, demonstration sites and other opportunities for technology adoption to help address the issue of invasive species.
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Project funds arrive through a GEF grant of USD 6.9 million, plus cash and in-kind co-financing of USD 42.6 million provided by IMO, the participating countries and other stakeholders that have confirmed their support to the GloFouling initiative. UNDP, as the GEF Implementing Agency, is responsible for the execution of the GEF resources.
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​It is expected that once it is launched, the project will be able to attract further cash co-financing from the private sector through the two industry funds to be set up for the shipping and the non-shipping industries. Likewise, it is expected that further opportunities will arise during project implementation for increasing co-financing contributions from developed countries and International Financial Institutions (IFIs). The actual realization of project co-financing will be monitored during the mid-term review and terminal evaluation process and will be reported to the GEF.
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Strong participation from private sector stakeholders is also expected, replicating the successful public-private sector partnership model used by IMO in previous projects (such as the Global Industry Alliance – GIA).