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Assistance
for investment projects shall generally be provided in the form of grants.
However, where the investment project has a short payback period (e.g., one to
two years), financing may take the form of highly concessional loans. If an
Implementing Agency believes that a highly concessional loan is appropriate for
a particular project, it shall recommend this action at the next meeting of the
Executive Committee. The Committee shall make the final decision on the terms
of assistance.
(UNEP/OzL.Pro/ExCom/3/18/Rev.1 Annex III (sections V.1, V.2,
V.3).
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