Project profile — Global Concessional Financing Facility - Venezuelan Migrants



Overview 

CA-3-P006901001
$17,000,000
IBRD Trust Funds - World Bank (44001)
2019-03-28 - 2028-03-31
Operational
Global Affairs Canada
NGM Americas

Country / region 

• Colombia (100.00%)

Sector 

• Government And Civil Society, General: Facilitation of orderly, safe, regular and responsible migration and mobility (15190) (100.00%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (not targeted)
• Participatory development and good governance (not targeted)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Disaster Risk Reduction(DRR) (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• Nutrition (not targeted)
• ICT as a tool for development (not targeted)

Description 

The Global Concessional Financing Facility (GCFF) is an innovative financing mechanism designed to mobilize financial resources to support middle-income countries affected by refugee crises. Initially focused on the Middle East, as of 2019, the GCFF expanded to include countries affected by Venezuelan migration, such as Colombia, as eligible beneficiaries. The GCFF combines grants from donor countries with loans from multilateral development banks or agencies to create concessional financing packages. These packages contain terms that are below market rates for refugee-affected countries. This mechanism seeks to bridge the financing gap faced by these countries, allowing them to absorb better the economic and social shocks of the refugee crisis. It also assures the well-being of vulnerable populations within their borders.

Expected results 

The expected outcomes of this project include: (1) increased concessional development finance support provision to Venezuelan migrant hosting countries, beginning with Colombia; (2) increased number of finance projects which strengthen the resilience of the recipient country; and (3) coordinated international response to the Venezuelan migration crisis, particularly for women and girls.

Results achieved 

Results achieved by the World Bank through the support of the Government of Canada and other international donors as of October 2022 include: (1) a global window allocation of US$135 million provided support to 5 projects and alleviate fiscal and financial pressures caused by the impact of the influx of Venezuelan migrants and refugees; (2) since January 2019, the Global Concessional Financing Facility supported the country in advancing the integration of women and girls, focusing on better healthcare services, inclusive housing, and social and economic integration; and (3) the fund served as a mechanism for policy reforms, with close support from the international donor community, the United Nations and multilateral development banks. With the support of Canada’s sponsorship to Colombia’s entry into the Global Concessional Financing Facility (GCFF) in 2019, the global window allocation of US$134.79 million in concessional financing allowed the delivery of 5 projects worth US$1.98 billion: (1) the Colombia Second Fiscal Sustainability, Competitiveness and Migration Development Financing worth US$750M in loans with US$31.50M by GCFF, from May 2019 to May 2020 contributed to sustaining Colombia’s efforts to regularize 260,000 Venezuelans. This also contributed to put in place a national response strategy that facilitated access to jobs and basic social services for Venezuelan migrants and refugees, and the communities that host them; (2) the Improving Quality of Healthcare Services and Efficiency in Colombia project worth US$187.6M in loans with US$37.60M by GCFF, from March 2020 to March 2023 supported the Colombian Government’s 2018 to 2022 National Development Plan. It also focused on affiliating 225,000 Venezuelans to the subsidized health insurance system, among other objectives; (3) the Resilient and Inclusive Housing project worth US$136.70M in loans, with US$21.70 by GCFF, from May 2021 to July 2026 improved the access of quality housing for Venezuelan migrants and host communities, and the institutional strengthening to improve homes and neighborhoods; (4) the Colombia Social and Economic Integration of Migrants DPF project worth US$526.40M in loans with US$264.0 by GCFF, from November 2021 to November 2023, addressed two pillars: (a) legal and institutional basis for the protection and long-term social and economic inclusion of migrants in host areas, and (b) improved access to and quality of services for migrants; and (5) the Program to Support Policy Reforms for the Social and Economic Inclusion of the Venezuelan Migrant Population in Colombia worth US$317.59M in loans with US$17.59M by the GCFF, from November 2021 to November 2023, implemented by the Inter American Development Bank, seeks to (a) expand regularization and information management of the migrant population; (b) expand access to social services and protection against human trafficking; and (c) promote the recognition of labour competencies for the Venezuelan migration populations.

Budget and spending 


Original budget $0
Planned disbursement $0
Transactions
Country percentages by sector
Type of finance Aid grant excluding debt reorganisation
Collaboration type Bilateral
Type of aid Contributions to specific-purpose programmes and funds managed by implementing partners
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