Project Financing The CCRES Project will be financed by a combination of the grant funds from the GEF International Waters Focal Area and from third parties through co-financing and parallel financing. Under CCRES a leveraged-financing ratio of more than 6:1 is anticipated due to the leverage of Australian, World Bank and other partnership funds. The current direct co-financing stands at $2.0 million from The University of Queensland, however, parallel financing is also significant with $3.9 million in contributions from various research partners towards salary provisions, project management and other resources. An additional $21.9 million in parallel co-financing is contributed from World Bank projects directly linked to CCRES: (a) COREMAP-CTI and (b) Philippines Rural Development Project, which are also part of the GEF IW Scaling Up Partnership Program. The Project Executing Agency (PEA) be the principal recipient of the funds. The PEA shall be fully accountable for all project funds and shall ensure timely disbursement of funds to participating project implementing institutions through sub-grants and consultancy agreements following the World Bank Procurement Guidelines as appropriate. Project Cost and Financing Detailed information on costs and financing sources for the CCRES is provided in Table 1 below. 1: Component Costings Co- Parallel Financing Financing for % Direct Direct Project GEF Grant Project Components which Financing cost Financing Commitments (GEF) have been obtained* 1. Quantifying the value and market $2.4 $1.6 $0.8 $9.35 66% potential of mangrove, sea grass and coral reef ecosystem services 2. Forging Community-led innovation in $2.3 $1.7 $0.6 $8.84 30% capturing and sustaining benefits from marine ecosystem services and enhancing resilience in the face of climate change. 3. Promoting behavioural change through $1.4 $0.8 $0.6 $4.27 57% outreach, decision support and regional learning from results of sites. 4. Project Management $0.4 $0.4 $0.0 $3.35 100% Total Baseline Costs Physical contingencies Price contingencies
Project Financing The CCRES Project will be financed by a combination of the grant funds from the GEF International Waters Focal Area and from third parties through co-financing and parallel financing. Under CCRES a leveraged-financing ratio of more than 6:1 is anticipated due to the leverage of Australian, World Bank and other partnership funds. The current direct co-financing stands at $2.0 million from The University of Queensland, however, parallel financing is also significant with $3.9 million in contributions from various research partners towards salary provisions, project management and other resources. An additional $21.9 million in parallel co-financing is contributed from World Bank projects directly linked to CCRES: (a) COREMAP-CTI and (b) Philippines Rural Development Project, which are also part of the GEF IW Scaling Up Partnership Program. The Project Executing Agency (PEA) be the principal recipient of the funds. The PEA shall be fully accountable for all project funds and shall ensure timely disbursement of funds to participating project implementing institutions through sub-grants and consultancy agreements following the World Bank Procurement Guidelines as appropriate. Project Cost and Financing Detailed information on costs and financing sources for the CCRES is provided in Table 1 below. 1: Component Costings Project Components Direct Project cost GEF Grant Financing Co- Financing Parallel Financing for which Commitments have been obtained* % Direct Financing (GEF) 1. Quantifying the value and market potential of mangrove, sea grass and coral reef ecosystem services 2. Forging Community-led innovation in capturing and sustaining benefits from marine ecosystem services and enhancing resilience in the face of climate change. 3. Promoting behavioural change through outreach, decision support and regional learning from results of sites. 4. Project Management Total Baseline Costs Physical contingencies Price contingencies $2.4 $2.3 $1.4 $0.4 $1.6 $1.7 $0.8 $0.4 $0.8 $0.6 $0.6 $0.0 $9.35 $8.84 $4.27 $3.35 66% 30% 57% 100%