Within the context of GEF programming, a non-grant instrument may be understood as a mechanism to provide financing for activities that have a potential to generate financial reflows for the financer, irrespective of whether such reflows materialize. Cumulatively, GEF has provided a financing of more than $ 250 million for projects that use non-grant instruments that have yielded reflows to the GEF or were approved with an expectation of reflows. The Independent Evaluation Office (IEO) of the GEF will undertake an evaluation of the non-grant instruments portfolio of the GEF. The evaluation will be an input to the seventh comprehensive evaluation of the GEF (OPS-7), which will inform the GEF-8 replenishment process. Compared to the Evaluation of GEF Engagement with the Private Sector (GEF IEO 2017), which also covered projects that did not involve reflows, this evaluation will focus on the non-grant instruments that involve reflows to the GEF and those that have been financed through the non-grant instrument window.