The success or failure of the Facility rests upon the mobilisation of funding to make the Facility operational. The Facility would be sustained through initial contributions to an Endowment Fund. For the Facility to be financially viable and effective, it should mobilise initial funding of UA50 million out of which UA30 million shall be placed in the Endowment Fund.
The objective is to make the Endowment Fund a major long-term source of funding. During a three year transitional period ending 2011, the Facility’s annual budgets will be financed by annual contributions from the Bank and from Members. During this period, the revenues from the Endowment Fund and the fees for negotiating complex transactions will accrue to the Endowment Fund. In addition, bilateral donors may contribute funds or technical assistance to the Facility earmarked for the support of litigation involving specific debtor RMCs. In a manner similar to the World Bank’s Debt Reduction Facility, the ALSF would be financed partially from transfers of ADB’s net income and from grant contributions from other donors. The Facility may also provide soft loan advances payable directly to firms or experts to assist RMCs in the negotiation of complex commercial transactions. Such advances will be made on a reimbursable basis, conceptually in form similar to the Bank’s Project Preparation Facility.
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