In March 1994, some 73 participating governments successfully concluded negotiations to restructure the GEF and replenish its Core Fund with $2 billion over a 3-year period.^b^ A total of 147 projects have been funded at a total of about $870 million, allocated as follows: 46 percent for biodiversity, 14 percent for international waters,^c^ 33 percent for climate change, 5 percent for ozone, and 2 percent for other projects. The following is an example of a GEF project:

• Philippines: Development of a geothermal energy field in the Eastern Visayas, Luzon, that will expand power plant capacity from 200 to 640 megawatts-electric and construction of related transmission systems that will interconnect most of the country. Institution-strengthening measures are included. In addition to support from the World Bank, cofinancing is expected from the Export-Import Bank of Japan, the Swedish Agency for International Technical and Economic Cooperation, and the GEF. The total cost of the project is estimated at $1.3 billion.

• China: Construction of the 154-meter-high Xiaolangdi rockfill dam and a power station with an installed capacity of 1,800 megawatts (total cost $2.3 billion).

• Indonesia: Environmentally sustainable (renewable) expansion of electricity generation and transmission capacity, with cofinancing anticipated from Austria and Australia and from export credits (total cost $689 million).

Renewable energy also has begun to play a role in the energy projects funded by the International Financial Corporation (IFC), a member of the World Bank group. For FY 1994, the IFC approved $2.5 billion for new projects in 65 countries as part of $4.29 billion in total financingþof which energy accounted for $271 million¯including syndications and underwriting on the projects, the total worth of which is $15.8 billion.^e^ For FY 1995, the IFC approved a total of 183 projects totaling $2.9 billion.^f^ IFC projects approved for FY 1994 include the following:g

• China: With support provided through its Technical Assistance Trust Funds Program, the IFC conducted a feasibility study to expand an existing joint venture for producing photovoltaic equipment.

• Nepal: Himal Power Ltd. will build and operate a 60-megawatt run-of-the-river hydroelectric project on a build-operate-transfer (BOT) basis on the Khimti Khola River in the Janakpur Zone of the country's central region. The $125.7 million project will receive $28 million in loans, $5 million in syndications, and $3 million in equity financing from the IFC.

• Chile: The IFC will provide $50 million in syndications for additional financing of a $500 million hydroelectric project of Empresa El‚ctrica Pangue S.A. The project received $120 million of financing in fiscal year 1993.

• Costa Rica: Hidroelectrica Aguas Zarcas S.A. will build, own, and operate an 11.1-megawatt, $15 million hydroelectric generation plant in San Carlos. The project will sell power directly to Instituto Costarricense de Electricidad, Costa Rica's main public electric utility. IFC assistance includes $3.3 million in loans, $6.1 million in syndications, $400,000 in initial currency or interest rate swap, and $700,000 in quasi-equity. In addition, through its Technical Assistance Trust Funds Program, the IFC has secured funding for a feasibility study for three small hydropower projects.