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The Fund is dedicated to reversing the deterioration of the Earth's ozone layer. It was established in 1991 to assist developing countries meet their Montreal Protocol commitments. It is managed by an Executive Committee with equal membership from developed and developing countries. The Fund Secretariat in Montreal assists the Committee in this task.
Since 1991, the Fund has approved activities including industrial conversion, technical assistance, training and capacity building worth over US $3.0 billion.
The Multilateral Fund was established by a decision of the Second Meeting of the Parties to the Montreal Protocol (London, June 1990) and began its operation in 1991. The main objective of the Fund is to assist developing country parties to the Montreal Protocol whose annual level of consumption of the ozone depleting substances (ODS) chlorofluorocarbons (CFCs) and halons is less than 0.3 kilograms per capita to comply with the control measures of the Protocol. Currently, 147 of the 197 Parties to the Montreal Protocol meet these criteria. They are referred to as Article 5 countries.