International Development Grant
Global Concessional Financing Facility - Venezuelan Migrants
Project Number: CA-3-P006901001
Status: Terminating
Country/Region:
Maximum Contribution: $17,000,000.00
Start Date: March 28, 2019
End Date: October 31, 2022
Duration: 3.6 years
Project 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.
Progress & 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 mi
Key Information
Executing Agency:
IBRD Trust Funds - World Bank
Reporting Organization:
Global Affairs Canada
Program:
NGM Americas
Last Modified:
September 19, 2025
Development Classifications
DAC Sector:
Aid Type: Contributions to specific-purpose programmes and funds managed by implementing partners
Collaboration: Bilateral
Finance Type: Aid grant excluding debt reorganisation
Selection Mechanism:
Unsolicited Proposal