The Least Developed Countries Fund (LDCF) is a development-focused fund. It supports the poorest countries, which are most vulnerable to climate change impacts. The fund provides support to LDCs as they prepare National Adaptation Programmes of Action (NAPA) in which they identify their most urgent adaptation needs. Following their completion, additional funds will be made available to assist LDCs to implement the NAPAs, probably through expedited, medium-sized projects (MSPs) up to US$ 2 million. This fund became operational in July 2001. (View Council Document: Apr. 2002 | Oct. 2004) (New! Latest Guidelines- April 2006)