OPEC Fund Island Resilience Facility - PIFS

The implementation period indicated in paragraph 42 of the Island Resilience Facility Phase I report anticipated an 18-month timeframe commencing in July 2024, based on the planned execution of an MoU with the Pacific Islands Forum Secretariat (PIFS) at an early stage of Phase I. While this plan remains unchanged in substance, the conclusion of the MoU was delayed until May 2025 due to internal rules and regulatory requirements within PIFS. Following signature of the MoU, extensive exchanges between PIFS’ legal counsel and the OPEC Fund’s Legal Department were required to finalize the Grant Agreement, a process that was concluded in December 2025, with the agreement now ready for signature. As the Grant Agreement is being executed in January 2026, the effective implementation period of Phase I necessarily commences at this point, and an extension of the originally envisaged implementation period is therefore required. In this context, it is also confirmed that the availability period stipulated in the Grant Agreement, ending on 15 February 2026, reflects the revised implementation timeline and should be considered aligned with the adjusted start of implementation.