Abstract

In March 1994, 73 countries met in Geneva and agreed to restructure the Global Environment Facility (GEF), created three years earlier as an experiment of international cooperation to finance activities for enhancing the global environment.1 The restructuring of the GEF is the first tangible follow-up to Agenda-21 of the United Nations Conference on Environment and Development (UNCED), held in Rio de Janeiro in 1992.2