Norway has not deposited the US$45 million that Guyana qualified for in 2012 under the two countries’ forests protection plan and a top official says that a consensual decision has been made to delay the pay-out while working on improving the financial mechanisms for funding projects.
Georgetown and Olso are examining whether the Guyana REDD+ Investment Fund (GRIF) or the Inter-American Development Bank (IDB) should take the lead on funding projects under the Guyana-Norway forests partnership. The GRIF is a fund for the financing of activities identified under the Government of Guyana’s Low Carbon Development Strategy (LCDS).
The fund will receive up to US$250 million from Norway in performance-based payments for the period up until 2017, based on an independent verification of Guyana’s deforestation and forest degradation rates and progress on REDD+ enabling activities. The World Bank is the trustee and is responsible for
