Launched in 1991, the Global Environment Facility provides grant and concessional funds to developing countries and EITs for projects and programmes targeting global environmental issues: climate change, biological diversity, international waters, ozone layer depletion, land degradation and persistent organic pollutants. Its implementing agencies are UNEP, UNDP, and the World Bank. Designated as the operating entity of the financial mechanism for some MEAs (e.g., the CBD and the UNFCCC).