The GCF Board has set a target of committing US$2.5 billion in funding in 2016, in June 2015, nine projects with a value of US$257 million in GCF resources and total cost of US$585 million, were approved. The low approval level is indicative of the challenges the GCF is facing as a new institution, the capacity constraints of the direct access entities and at the national level, staffing constraints in the GCF Secretariat, and the rigorous project preparation requirements that did not distinguish between project type and size. At its June 2016 meeting, the GCF Board approved the operational guidelines for its Project Preparation Facility and a simplified procedure for micro-scale and small-scale funding proposals that are assessed as low risk or no risk. These new procedures should accelerate the project approval process.