Thus, finance from the formal financial sector becomes a necessity.

A. Mobilizing domestic financial resources for development

In terms of mobilization of resources, US 1.8 million for the design phase and US 10 million for the slum upgrading facility three year pilot phase was raised.

For instance, in terms of equity financing, the Growth Financing Program from EDB provides equity financing for overseas expansion that matches S 1 for every S 2 raised from third party investors.

These resources have been utilized and committed in conjunction with USD 180 million of external resources from cofinancing and USD 120 million mobilized from borrowing countries and project beneficiaries.

Moreover, loans make MFIs more independent and open the door to a much larger pool of money.

It is proposed that the upgraded Fund include a grant element with a view to achieving an overall target of 500 million that would comprise the current revolving facility of 50 million and a grant facility with an eventual target of 450 million.

Debt capital usually represents the main source of funding for infrastructure projects implemented under the project finance modality.

In addition, the Fund apos s recognized capacity in the area of domestic resource mobilization and rural financial services, including savings mobilization, will be relevant.

Action is needed on innovative financing, including the International Finance Facility (IFF) and an airline ticket levy.

Criminalization of the financing of terrorism and the effectiveness of the protection of the financial system.

The relevant information needs to be organized and made available to both investors and MFIs seeking to raise funds.

In the longer term, other innovative sources of finance for development should also be considered to supplement the Facility.

It would mobilize flows coming from the Bill and Melinda Gates Foundation as well as a pilot IFF mechanism.

Since new and innovative financing mechanisms could increase the volume and predictability of resources, the GUAM States supported the International Finance Facility, the Initiative against Hunger and Poverty and the New York Declaration on Innovative Sources of Financing for Development.

3. Lenders and international financial institutions Due to the magnitude of the investment required for a privately financed infrastructure project, loans are often organized in the form of syndicated loans with one or more banks taking the lead role in negotiating the finance documents on behalf of the other participating financial institutions, mainly commercial banks.

The international financial institutions should consider thus the creation of specific financing mechanisms to support cooperation of that kind.

The UAE focused on four major recommendations Implementing the 40 9 recommendations of the FATF to combat terrorism financing and money laundering and to prevent the misuse of the banking system.

The FIU has in the past, and continues to pursue campaigns to sensitise the financial community and the public at large regarding money laundering and terrorist financing.

OIOS is of the view that UN Habitat has not adequately defined its corporate role in raising domestic capital for the Facility.

Financing

B. Core regular resource funding multi year financing frameworks and assessed contributions

New approaches to financing the international development cooperation activities undertaken by the United Nations, including innovative funding sources, should continue to be examined.

A number of projects have been co financed by the World Bank, the International Finance Corporation, or by regional development banks.

Article 51 A securities firm shall use its own funds or funds that have been raised according to the law when lending funds to the customer it shall use its own securities or securities whose right of disposal has been legally obtained by it when lending securities to the customer.

5. Welcomes the contribution to the mobilization of resources for development by voluntary innovative financing initiatives taken by groups of Member States, and in this regard notes the International Drug Purchase Facility, UNITAID, the International Finance Facility for Immunization and the commitment to launch a pilot project in 2006 within the advance market commitment initiatives

Funding

C. Funding

128. Financing.

VI. FUNDRAISING

An important activity in 1995 was the preparation of a full funding proposal for GEF.

Article 21 In case an enterprise raises debt funds under law in forms of loans, issuing bonds or financial leases and so on, it shall define the purpose of fund raising, make necessary decisions on capital structure in accordance with the fund costs, debt risks and reasonable fund demands and conclude a written contract.

16. Most MFIs, once they have established a good track record and documented their ability to recover loans, should be able to raise money in the financial markets to finance their expansion.

Current estimates for 1997 funding and projections for 1998 thus reveal a continuing reduction in contributions together with a small increase in non core and supplementary funding, which now represent the largest component of total funding.

UNIF was the central national agency responsible for collecting information on money laundering and the financing of terrorism for the entire Venezuelan financial system, as well as for analysing collected information and forwarding it to relevant authorities, such as the Department of Public Prosecution.

Naturally, the GM will assume an active role in participating with IFAD in mobilizing cofinancing resources to supplement resources allocated by IFAD.

(g) Operationally, the restructured Global Environment Facility, a semi autonomous funding mechanism, has begun to develop an integrated international waters programme for marine and freshwater resources

Financing for development

Funds mobilization

Fund raising strategies

Funding targets

In this regard

Trade financing

The participants in the FEC carry out joint research into developments in the field of financial and economic crime and the financing of terrorism, this research helping them to perform their duties better.

The Financial Action Task Force on Money Laundering has also expanded its mandate to include terrorist financing.