Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/88986
Authors: 
Miller, Sebastian
Yu, Bok-Keun
Year of Publication: 
2012
Series/Report no.: 
IDB Working Paper Series IDB-WP-329
Abstract: 
Mobilizing sufficient resources is essential for supporting environmental activities in developing countries, and cofinancing is generally considered an important tool to help developing countries increase the resources they need. Moreover, cofinancing should increase ownership of projects by local authorities while improving accountability. The literature, however, has not explored why certain projects receive higher levels of cofinancing than others. This paper attempts to fill this gap by examining the cofinancing ratio and its determinants using projects financed by the GEF Trust Fund. The empirical results confirm that the rules of the fund, requiring different minimum cofinancing ratios by size and focal area of the GEF projects, do matter. Other important factors include fundsÂ’ origins (foreign vs. domestic), types of cofinancing sources (reimbursable vs. non- reimbursable) and the particular GEF agencies involved.
JEL: 
F30
G20
Q50
Document Type: 
Working Paper

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