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The PEG is established to facilitate timely project implementation, with its membership collaborating in jointly analyzing the status of implementation, and proposing solutions to identified risks or contingencies

www.procaribeplus.org

Establishment of Project Executive Group (PEG)

Objectives of the PEG

Support the implementation of the PROCARIBE+ Project by promoting technical coordination among the different PROCARIBE+ co-executing partners and enhancing project management approaches
Promote a joint approach for PROCARIBE+ communication approaches, awareness-raising and dissemination of achievements

Members: Co-executing Partners, PMCU and UNDP

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Second and Third Meetings: Virtual

25 Apr 2025 and 25 Nov 2025

Meetings of the PROCARIBE+ PEG

First Meeting, 4-5 December 2024

Bogotá, Colombia

Fourth Meeting, 15-17 April 2026

Panama City

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Enhanced collaboration between Co-Executing Partners / technical linkages to ensure complementarity (e.g. blue carbon work, traceability…)
Review overall progress to date under the Co-executing agreements, evaluate issues and risks, identify remediation measures
Collaboration on MTR
Visibility for unified PROCARIBE+ identity in communication products

www.procaribeplus.org

Benefits of the PEG

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Agenda Item 12.2.

UNDP/GEF M&E requirements:

Results from 2025 PIR and 2026 PIR

Protecting and Restoring the Ocean’s natural Capital, building Resilience and supporting region-wide Investments for sustainable Blue socio-Economic development

PROCARIBE+ Mid-Term Meeting of the Project Board ● Bogota, Colombia (Hybrid) ● 2-3 June 2026

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www.procaribeplus.org

GEF M&E activities to be undertaken/facilitated by the Project Management & Coordination Unit (PMCU)	Budgeted (USD)	Spent (as of 22 may)	Target Dates
Inception Workshop and Report	149,692	149,692	N/A
Preparation of the annual GEF Project Implementation Report (PIR) ← co-fin reporting	4,000	2,300	Annually (PIR = typically between June-August)
Independent Mid-Term Review (MTR) ← co-fin reporting	42,000	7,411	from Q4 2025 to Q2 2026 - ongoing
Independent Terminal Evaluation (TE) ← co-fin reporting	45,041	0	By 5 February 2028 (UNDP PIMS)
M&E/Reporting on progress made in reaching GEF core indicators and project results included in the project results framework	6,000	2,300	Annually (PIR), Project Mid-Point and Project Closure
Monitoring of Gender Action Plan	6,000	2,000	Ongoing
Monitoring of Safeguards Management Frameworks/Action Plans	6,400	2,400	Ongoing
Supervision missions	9,000	1,216	As needed
Learning missions	5,000	0	As needed
TOTAL	273,133	157,115	as per GEF rules: M&E Budget = max 2% of Gross Project Budget = USD 308,596 (not to be exceeded)

PROCARIBE+ Mid-Term PBM. 02-03 June, 2026

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www.procaribeplus.org

Project Implementation Report PIR

Results from second Project Implementation Report (Aug. 2025)

Rating Improved to "Moderately Satisfactory": Adaptive management applied and successful operationalization of the OCM
Gap in Tangible Outcomes: While governance structures are set, field-level results—including MPA designations, MSP and beneficiary numbers—are lagging and require acceleration.
Operational & Environmental Hurdles: Implementation is slowed by administrative bottlenecks in signing agreements and external challenges, specifically the shrimp fishery collapse
Urgent Financial Acceleration Required: at time of PIR 16% of the budget was spent and 34 months remaining, the project must accelerate financial delivery rate significantly to meet donor commitments.

PROCARIBE+ PBM2. 24-25 June, 2025

PROCARIBE+ Mid-Term PBM. 02-03 June, 2026

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Progress on recommendations from second Project Implementation Report

OCM is fully operational (WG established, Consultants on board, developing plan for SOMEE and SAP implementation)
Progress with most CEA / ongoing challenges with Outputs 3.3.1 (MPA/OECM) + 3.3.2 (MSP)
Proposed way forward for Traceability in Brazil
Progress on pending CEA with Costa Rica (but acceleration needed to finalize agreement and execute activites)
Ongoing challenge with Venezuela CEA
Planned review of Results Framework with MTR consultant
Financial delivery: appx. 40% spent of total budget with planned acceleration in 2026/2027, but appx. 60% of project timeline gone / evaluating need for an extension

PROCARIBE+ PBM2. 24-25 June, 2025

PROCARIBE+ Mid-Term PBM. 02-03 June, 2026

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Upcoming PIR (2026) and MTR

Next PIR due in Q3 2026

Request for updated co-financing amounts

Project Mid-Term Review

Final report to be circulated to Project Board in Q3 2026.
MTR report will be publicly available, management response to MTR recommendations will be posted within six weeks of the MTR report’s completion (planned for mid-Aug)

PROCARIBE+ PBM2. 24-25 June, 2025

PROCARIBE+ Mid-Term PBM. 02-03 June, 2026

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Monitoring Tools and Dashboards

Protecting and Restoring the Ocean’s natural Capital, building Resilience and supporting region-wide Investments for sustainable Blue socio-Economic development

PROCARIBE+ Mid-Term Meeting of the Project Board ● Bogota, Colombia (Hybrid) ● 2-3 June 2026

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M&E Matrix feeds data into dashboards - to be updated by PMCU periodically

www.procaribeplus.org

Monitoring progress on project outcomes (indicators)

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PROCARIBE+ indicators Report Dashboard

https://www.procaribeplus.org/pages/progress-trackers-tools

www.procaribeplus.org

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www.procaribeplus.org

Monitoring progress on co-executing agreements

PROCARIBE+ PBM2. 24-25 June, 2025

CEA Financial implementation dashboards

PROCARIBE+ PBM2. 24-25 June, 2025

PROCARIBE+ Mid-Term PBM. 02-03 June, 2026

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www.procaribeplus.org

Collaborative Project Progress Tracking and Visualization: Monday.com, G-Suite tools

PROCARIBE+ PBM2. 24-25 June, 2025

PROCARIBE+ Mid-Term PBM. 02-03 June, 2026

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www.procaribeplus.org

Collaborative Project Progress Tracking and Visualization: Dashboards

PROCARIBE+ PBM2. 24-25 June, 2025

PROCARIBE+ Mid-Term PBM. 02-03 June, 2026

PROCARIBE+ PBM3. 02-03 June, 2026

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Agenda Item 12.3.

Status of Co-financing reporting and next reporting requirements

Protecting and Restoring the Ocean’s natural Capital, building Resilience and supporting region-wide Investments for sustainable Blue socio-Economic development

PROCARIBE+ Mid-Term Meeting of the Project Board ● Bogota, Colombia (Hybrid) ● 2-3 June 2026

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Co-financing for GEF-financed projects is defined as financing that is additional to the GEF grant and that supports the implementation of a GEF-financed project or program and the achievement of its objective(s)

Reminder: What is Co-financing for GEF-funded Projects?

GEF Projects are asked to have a ratio of Co-Financing at least 7:1

For PROCARIBE+: required co-financing is 106 million USD�

*Co-financing does not require Funds to be Transfered to PMCU.

*GEF Policy on Co-financing: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.thegef.org/sites/default/files/documents/GEF_FI_PL_01_Cofinancing_Policy_2018.pdf

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Co-financing committed during the PROCARIBE+ PPG Phase:

10 countries (80.5 Million USD)

12 organizations (45.6 Million USD)

126 Million USD co-financing committed

(43 Million in-kind and 83 Million as grants)

The most substantial amount of the committed co-financing is directed towards the delivery of targeted outputs and outcomes under Component 3, where the biggest GEF investment under PROCARIBE+ is also being made.

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Texto Editable

Other entities that have made a co-financing commitment
Other entities that have made a co-financing commitment
OSPESCA	UNDP Climate Promise	Summit Foundation	GCFI	NDC Partnership	MAR Fund	UNDP Barbados Sub-regional Office	CCAD	CRFM	European Space Agency	ECLAC	UNCEP (CEP)

Entities that made a co-financing commitment for PROCARIBE+ (in green)

Antigua & Barbuda	Aruba	Bahamas	Barbados	Belize	Brazil	Colombia	Costa Rica
Cuba	Curacao	Dominica	Dominican Republic	France on behalf of French Guiana, Guadeloupe, Martinique, Saint Barth, Saint Martin	Grenada	Guatemala	Guyana
Haiti	Honduras	Jamaica	Mexico	Netherlands on behalf of Bonaire, Saba, Sint Eustatius	Nicaragua	Panama	St. Kitts & Nevis
Saint Lucia	Sint Maarten	St. Vincent & the Grenadines	Suriname	Trinidad & Tobago	USA	UK on behalf of Anguila, BVI, Montserrat, Turks & Caicos, Cayman Isl.	Venezuela

Blue = GEF-eligible country that provided GEF OFP letter for PROCARIBE+ Pink = non-GEF-eligible country that made co-financing commitment for PROCARIBE+

Filled cell (green) = country/entity has made a co-financing commitment

*Countries/organizations that have not committed co-financing for PROCARIBE+ are still recommended to report on their co-financing contributions

for the annual PIRs and for the MTR and TE

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Reporting on Co-Financing

When?

Project Implementation Reports (Q3 Project YR2, YR3, YR4 and YR5)
Mid-Term Review
Terminal Evaluation

NEXT REPORT IS DUE end of June 2026

By project end, the cumulative value of reported co-financing should match or exceed the amount of co-financing commitments made at the time of CEO endorsement

*Countries/organizations that have not committed co-financing for PROCARIBE+ are still recommended to report on their co-financing contributions for the annual PIRs and for the MTR and TE

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What can be considered as co-financing?

Any contributions to:

-the CLME+ long-term vision or

-the objective of the SAP or

-the objective of the PROCARIBE+ Project or

-any of the PROCARIBE+ Project Outcomes or

-any of the PROCARIBE+ Project Outputs

-parallel activities: activities that contribute to the broader project outcomes but not necessarily to any of the specific outputs

PROCARIBE+ co-financing is generally not a transfer of non-GEF resources to the PMCU, but a parallel programming of what the “co-financing entity” is doing in line with/in support of the project objective and work.

Principle for calculation of co-financing commitments:

any contributions to PROCARIBE+ Project Objective from moment PROCARIBE+ PIF was approved and onwards - same principle to be applied

for reporting

(and to the time of reporting)

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CANNOT be considered as co-financing:

Co-financing already declared/committed to other GEF Projects

Financial resources from the GEF itself

Important not to “double-count” co-financing to be reported to the GEF

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Status of Co-financing (as of 22 May, 2026)

Source	Number of sources reported to date	Number of sources committed	Amount committed	Amount reported to date	Reported to date (%)
Countries	9	11	$37,730,107	$22,487,948	59.6%
GEF Agencies	3	4	$19,817,682	$2,290,775	11.6%
Other	5	10	$70,661,383	$46,101,980	65.2%
TOTAL	17	25	$128,209,173	$70,880,704	55.3%

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Status of Co-financing (as of May 22, 2026)

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Proposed Decisions

16. Takes note of the work conducted during the Third and Fourth Project Executive Group (PEG) Meetings and invites the PMCU and Co-Executing Partners to continue collaboration in support of a successful implementation of the PROCARIBE+ Co-Executing Agreements.

17. Congratulates the Co-Executing Partners on progress made to date on the execution of the co-executing agreements, and requests Co-Executing Partners to continue utilizing the established monitoring approaches and tools, including participating in progress calls with the PMCU at least once every quarter, and consistently and timely completing the provided reporting templates.

18. Further request Co-Executing Partners to support the PMCU with the comprehensive technical and financial implementation progress assessment to be conducted during Q4 2026, to enable well-informed decision-making on the matter of a potential extension of the project duration.

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Proposed Decisions

19. Takes note of the results from the second annual Project Implementation Report (UNDP/GEF PIR, Aug. 2025) and requests the PMCU to continue implementing the recommendations, as presented in document 2606 02-03 ENG - PROCARIBE+ PBM3 Item 12 - Monitoring and reporting requirements, approaches & tools:.pptx.

20. Requests (a) all PROCARIBE+ co-financing entities to provide their co-financing reports by latest 19 June 2026, (b) the PMCU to update the online co-financing tracking table available on the PROCARIBE+ website with the information received.

PROCARIBE+ PBM3. 02-03 June, 2026

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