Financial Resources Working Group Finalize Recommendations for CTI Financial StrategyCatch of the Week
The Financial Resources Working Group of the Coral Triangle Initiative met in Manila on 28 October 2014 to develop the terms of reference for the development of a financial resources architecture and strategy.
This meeting was agreed upon during the 8th Meeting of the Coral Triangle Initiative Committee of Senior Officials (CTI CSO) in Malaysia in 2012. An initial report by the study team of consultants was presented on 11 September 2014 in Manila to the FRWG. The study team revised their deliverables to enable the FRWG to make suitable interim recommendations for the 10th CTI-CFF Senior Officials’ Meeting (SOM-10) to be held in Dili, Timor-Leste, on 5-7 November 2014.
The meeting was opened by CTI FRWG Chair Agung Tri Prasetyo who expressed confidence that the working group will be able to give a clear understanding of where they want to go with their financial strategy.
Pavit Ramachandran, ADB Senior Environment Specialist, welcomed the participants who were able to attend despite busy schedules and coming from as far away as Timor-Leste and the Solomon Islands.
Mr. Ramachandran said that the FRWG agenda is of critical importance in putting the program on sustainable footing financially.
The consultant team led by team leader Joe Lufkin, and Institutional Specialist Stacey Tighe, presented the Draft Situational Assessment Report, and from there discussions ensued.
The working group drew up a set of recommendations to be presented by the FRWG Chair to the CTI SOM10.
Among these are the (i) establishment of a business development unit (BDU) by the CTI-CFF which will coordinate initiatives and efforts in financial resources and business development; (ii) setting up of the CTI-CFF Fund or Special Fund to be initiated by CTI-CFF in the form of trust or other types of fund to ensure sustainable and long term financing of CTI activities; (iii) endorsement of sites in each of the 6 countries that will showcase or demonstrate the suitability of CTI activities for integration in large, scalable development projects for regional funding by donors, and; (iv) endorsement of the Stock-take of CTI-CFF Programs and Projects Final Report where the CTI project pipeline for future investments are to be guided by the recommendations contained in the report.
View photos of the meeting here.