ICF – FREQUENTLY ASKED QUESTIONS
An overview of our FAQ’s below
Who can apply for ICF project funding?
Public or private entities or public/private partnerships can apply for funding. An application must prove that it will have a positive influence on public policy towards business and investment.
What is the duration of the due diligence before a project fund is approved?
This is dependent on the size and nature of the project and whether there is a need for external expertise. However, we aim to complete the project funding cycle as quickly as possible between receiving the first application and agreeing to funding. This can be as little as a six week period.
What is the maximum budget cost covered by ICF?
There is no formal limit however the maximum budget cost is usually less than US$10 million.
How is disbursement implemented?
Payment is distributed according to pre-agreed project milestones being reached throughout the course of the project. These are usually made in instalments that have been set out at the beginning of the project.
How does ICF select its government and corporate partners?
ICF aims to work with receptive governments and private sector representatives who are committed to improving Africa’s investment climate. Any government applying for ICF support must subscribe to, or support, NEPAD’s Africa Peer Review Mechanism – an important demonstration of a country’s commitment to improved governance. Furthermore, it needs to demonstrate leadership by conducting reforms aiming to improve its country’s investment climate.
How are ICF projects approved?
In line with good governance, and to avoid any conflicts of interest, ICF contributors (investors) are not involved in approving projects and ICF will not support projects aimed at benefiting only its contributors (investors). Project funding up to US$2 million is approved by the ICF’s CEO, and funding up to US$5 million is approved by the Investment Sub Sommittee of the Board. Any funding over US$5 million is approved by ICF’s Board of Trustees.