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Annual Report – Congo - Congo Basin Forest Fund 2013 - CBFF – 10 2014
The CBFF faced a few challenges in 2013, from which the Fund has learned some very important lessons that it plans to consolidate and leverage to ensure the future success of its operations. The ii CBFF did not meet its disbursement objective for the year—only 9.7 million Euros were disbursed out of the 17 million Euros planned for the year. Cumulative disbursements as of 31st December 2013 were 29.1 million Euros and the disbursement rate for the portfolio was 41%. The CBFF’s disbursement objective for 2013 was not achieved because of the late arrival of disbursement requests. Indeed, a number of these requests were submitted in December and were only partially processed before the New Year; notwithstanding the requests were finalized during the first two (2) months of 2014, and an additional 5.7 million Euros had been disbursed by the end of February 2014, increasing the portfolio disbursement rate to 48%.