The World Bank Group channels voluntary grants from donors in three major ways: through IBRD (International Bank for Reconstruction and Development) and IDA (International Development Association) trust funds, financial intermediary funds, and IFC (International Finance Corporation) trust funds. In this article we focus primarily on the World Bank’s IBRD and IDA trust funds and financial intermediary funds (table 1, see the first paper of this series for more on the World Bank Group’s structure).7 At IBRD/IDA, trust funds are classified as bank or recipient executed, depending on the bank’s management role. Bank executed trust funds are implemented directly by the bank.8 9 They typically fund technical support for IBRD/IDA country projects, provide seed funding for pilot projects, or contribute to the bank’s knowledge agenda. For recipient executed trust funds, the bank hands over implementation of the project to a third party, such as a country’s Ministry of Health or a non-governmental organisation.4 5 8 9 These trust funds generally co-finance IBRD/IDA lending operations, finance stand alone projects, or support debt servicing operations.8 9 Some recipient and bank executed trust funds share governance structures called “facilities,”4 10 which are designed to increase coordination. To reduce fragmentation and better recover costs from managing IBRD/IDA trust funds, the bank recently announced a policy to replace recipient executed trust funds with “hybrid funds,” which will have bank executed components.11