Eligible Sectors. The Bank's Iraq Trust Fund can underwrite eligible projects in all sectors and cross-cutting themes identified in the Needs Assessment (except for efforts to locate and disarm unexploded mines).ITF financed operations cover economic management, public sector management, social safety nets, education, health, water supply and sanitation, urban reconstruction, rural water and irrigation infrastructure, telecommunications, finance and private sector development.
The trust fund, which gives particular emphasis to areas where the Bank has a comparative advantage, will not pay for humanitarian relief missions, peace-keepers,
or other security, military, or political interventions.
Eligible expenditures that can be financed for the above from ITF are :
-Investment and capital expenditures, including prefeasbility studies and
incremental recurrent costs.
-Technical assistance and training.
Eligible recipients of grants from the Trust Fund must meet the Bank's criteria, included those that apply to financial viability.
Recipient entities responsible for implementing activities financed from the ITF can be inside or outside Iraq, and include: Iraqi ministries, governorates and municipalities, private entities, NGOs, UN agencies, or international financial institutions.
The ITF emphasizes Iraqi ownership and building Iraqi institutional capacity. Under the ITF, potential recipients, in consultation with World Bank staff, submit project proposals for approval to the Iraqi Strategic Review Board (ISRB), which determines whether proposals are consistent with priority needs. Following ISRB approval, the World Bank proceeds to appraise the project.
For satisfactorily appraised operations, the Bank, as the ITF Administrator, and the recipient negotiate and sign a Grant Agreement which spells out the terms and conditions under which funds will be made available to the recipient entity (For further information please go to World Bank Grant Funding process). The Grant Agreement governs the actual use and disbursement of funds. It specifies measurable indicators to monitor implementation progress. It also contains detailed financial management, procurement, monitoring, and other fiduciary arrangements to ensure that funds are used for eligible expenditures. Also see the Procurement section. |
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