MIGA – Renewable Energy Catalyst Trust Fund The Renewable Energy Catalyst Trust Fund (RECTF) is a multidonor trust fund established by The Multilateral Investment Guarantee Agency (MIGA) in collaboration with Norad to provide mainly first loss captial to underpin MIGA's political risk guarantees for renewable energy projects in ODA eligible countries. Norad's partnership with MIGA is one of three building blocks of the Norwegian renewables guarantee initiative, which the Norwegian government announced in 2019. Its aim is to spur more investments into small and medium sized renewable enery projects in developing countries, with a particular focus on least developed countries and the Sub-Saharan Africa. Guarantees do so by de-riskking a project by ensuring the cash flow from the offtaker/soveregin, thereby inducing positive investments decisions from equity or debt investors. The main function of the RECTF is to lower the guarantee premium or make the guarantees available in higher-risk environments and for smaller investors. Additionally, parts of the Norwegian funding may be used to promote projects or make the guarantees more relevant through instruments such as a liquidity facility, technical assistance and coverage for local investors. This initiative addresses the need for more affordable, accessible and relevant guarantees for renewable energy projects. It contributes to universal energy access, job creation and by extension reduced GHG emissions and poverty reduction.