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Dec 19, 2024
The Guidance Note on GMS (Indirect Costs) for International Financial Institutions (IFIs) has been revised to reflect that the GMS cost recovery rate applied for IFIs is based on the configuration of parties that enter into financing agreements with UNDP (and not on the ‘form’ or agreement template used). The revised guidance note further details that IFI preferential rates (5%) are applicable to financing agreements signed between UNDP and an IFI (or a tripartite agreement concluded by UNDP, IFI and the Government), where both of the following criteria apply:
- UNDP anticipates signing financing agreements of $50m or more in a calendar year with funding provided by the respective IFI, including through respective national governments; and
- The financing agreement is mainly to support the government’s implementation of sovereign loan or credit guarantees.