Can grants be disbursed in local currency, and can the exchange rate risk be transferred to the Operator?
Funding will be transferred to the Fund Operators in euros. Funds for re-granting and funds for Regional Civil Society and Bilateral Relations will be transferred to a re-granting account held by the FMO to which Fund Operators will have access to manage the flow of payments to be made to recipients. The re-granting account is a euro account. Grants cannot be disbursed in local currency.