Local Finance Initiative Global Programme

Report Cover Image
Evaluation Plan:
2016-2017, UNCDF
Evaluation Type:
Mid Term Others
Planned End Date:
11/2017
Completion Date:
11/2017
Status:
Completed
Management Response:
Yes
Evaluation Budget(US $):
107,600

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Download document Summary of the LFI Programme Board Comments on the LFI Evaluation.pdf related-document English 411.41 KB Posted 192
Download document LFI MTE_Final Report.pdf report English 647.92 KB Posted 314
Download document LFI ToR.pdf tor English 359.22 KB Posted 200
Download document LFI MTE Final Report_Appendices final.pdf related-document English 2357.63 KB Posted 377
Download document ToR for LD investment committee.pdf related-document English 628.17 KB Posted 212
Download document Decision LFI Global Programme Board 15-16 May 2017.pdf related-document English 828.27 KB Posted 149
Title Local Finance Initiative Global Programme
Atlas Project Number:
Evaluation Plan: 2016-2017, UNCDF
Evaluation Type: Mid Term Others
Status: Completed
Completion Date: 11/2017
Planned End Date: 11/2017
Management Response: Yes
Focus Area:
  • 1. Others
Corporate Outcome and Output (UNDP Strategic Plan 2014-2017)
Evaluation Budget(US $): 107,600
Source of Funding:
Evaluation Expenditure(US $): 107,600
Joint Programme: No
Joint Evaluation: No
Evaluation Team members:
Name Title Email Nationality
Ganesh P. Rauniyar Team Leader
Priscilla Phelps Team Member
GEF Evaluation: No
Key Stakeholders:
Countries: GLOBAL
Lessons
Findings
Recommendations
1

Management Response

2

Evaluation recommendation or issue: 1. Stay committed to the original private financing objective of LFI

3

Evaluation recommendation or issue: 2. Refocus on the capacity building purpose of LFI

4

Evaluation recommendation or issue: 3. Develop a project support strategy

5

Evaluation recommendation or issue: 4. Engage more strategically on the policy and legal reform agenda

6

Evaluation recommendation or issue: 5. Leverage LFI expertise through knowledge and information sharing and communications

7

Evaluation recommendation or issue: 6. Build programme leadership and improve governance.

8

Evaluation recommendation or issue: 7. Strengthen LFI project monitoring and management systems.

9

Evaluation recommendation or issue: 8. Capitalize on linkages with other UNCDF programmes

10

Evaluation recommendation or issue: 9. Cultivate strategic partnerships

11

Evaluation recommendation or issue: 10. Fund LFI adequately LFI or scale back commitments.

1. Recommendation:

Management Response

Management Response: [Added: 2018/01/30]

Overall comments: Management would like to thank the evaluators for their efforts in evaluating a complex and fast moving programme and for grappling with the technical and programmatic issues involved. The mid-term evaluation has produced useful recommendations which have been used to strengthen LFI as it develops into an investment preparation facility to promote transformative local development and deepen domestic capital financing markets in Least Developed Countries.

The evaluation covers the period leading up to the introduction of the Dual Key system for sourcing and appraising UNCDF Local Development Finance investment opportunities. Under this approach, the thematic development project (for example Women’s Economic Empowerment) identifies high impact investment opportunities that, for structural reasons, cannot obtain finance from capital markets.  The role of LFI is to structure these transactions and make them financially sustainable. The Local Development Finance investment committee requires both an impact ‘key’ and a financial sustainability ‘key’ before unlocking UNCDF seed capital grants, loans or guarantees to the investment. Some of the perceptive comments in the evaluation report have played an important role in strengthening and refining the Dual Key system and its associated LFI pipeline.  The evaluation also covered the period leading up to the operationalization of the UNDCF Least Developed Country Investment Platform (LDC-IP), an in-house debt facility providing loans and guarantees to investment opportunities in the LDCs. The Dual Key Local Development Finance pipeline is a source of investments for the LDC-IP, which approved its first deals during 2017. This debt finance is in addition to the seed capital grant finance provided by LFI in making the transaction financially sustainable. Again, the recommendations of the evaluation report were used to strengthen the internal due diligence processes applied by UNCDF in its capital finance work. How each relevant recommendation was applied is highlighted below.

The LFI Programme Board, including LFI national steering committee representatives from the Governments of Uganda, Tanzania and Benin met in New York during November 2017 to consider the (then) draft evaluation report and its recommendations – many of which have direct implications for local government institutions and for domestic investment policy for local economic development. Following a two-day meeting the board approved ‘comments’ as an input to the UNCDF management response to this evaluation (the summary of the LFI Programme Board comments is available under “Documents” here: https://erc.undp.org/evaluation/evaluations/detail/9315)

Please note that some of the action items in the Management Response apply to more than one recommendation, since some of the recommendations are interlinked. There are 22 unique action items flowing from 10 recommendations.

Key Actions:

2. Recommendation:

Evaluation recommendation or issue: 1. Stay committed to the original private financing objective of LFI

Management Response: [Added: 2018/01/30]

Management response: Management agrees with this recommendation. The original private financing objective of LFI has never been in question. The responses below indicate the steps that are being taken to secure the future of the programme. The recommendation and report refer to credit enhancement tools other than grants; these are now introduced with the UNCDF Least Developed Country Investment Platform (LDC-IP) - a debt facility within the Fund. This will attract private finance by blending its concessional funding with domestic private banks and other investors. In addition, the Local Development Finance Practice has begun to issue reimbursable grants to de-risk LFI transactions in line with the evaluation recommendation. The evaluation also recommends exploring all avenues for increasing private finance. The response has been to accelerate engagement with domestic banks and DFIs for access to investible capital and for access to guarantee facilities. UNCDF’s Local Development team recognize that giving priority to the domestic capital markets and unlocking domestic savings are key to accelerating transformation of LDCs. A view shared by UNCTAD and UNDESA in their annual LDC reports. The LFI experience has demonstrated that domestic financial institutions do not incur foreign exchange risks and also have a different perception of political risk than international investors. For this reason, once their initial reticence has been overcome, they can be effective providers of capital.

Key Actions:

Key Action Responsible DueDate Status Comments Documents
1a. Introduce credit enhancement and debt instruments in UNCDF
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD, PMSU, MSU 2018/03 Completed The LDC-IP approved $185,000 in guarantees and $250,000 in loans for LFI investments during 2017. History
1b. Accelerate the implementation of reimbursable grants for LFI seed capital.
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD, PMSU, MSU 2018/08 Completed First reimbursable grant disbursed December 2017. Awaiting approval of Reimbursable Grant policy. End Q2 2018 for approval of policy. Target: 40% of LFI grants to be reimbursable by Q1 2019 History
1c. Deepen engagement with DFIs and other financial bodies for access to capital and guarantees
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD, PPC 2019/01 Completed During 2017 an additional $2m was secured for lending from SIDA. In 2018 SIDA agreed a four-year commitment to the “Booster Fund” some of which will be used for seed capital investments. Norway also approved funds that will be used for LFI seed capital. Discussions continue with other partners. Ongoing discussions with USAID DCA and SIDA on access to guarantee facility for specific LFI investments History
1d. Establish LD investment committee that will approve all disbursement of seed capital and all requests to the LDC-IP for debt capital. The dual key system means that the LD investment committee requires both an impact key and a financial sustainability key for unlocking any UNCDF capital.
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/03 Completed The LD investment committee met 14 times in 2017 and 2018, approving twenty-four investments. $1,773,165 in Seed Capital Grants, $275,000 in reimbursable grants, $200,000 capitalization of a credit guarantee scheme, $185,000 in guarantees (submissions to the LDC IP) and $ $2,167,179 in loans (submissions/in process to the LDC IP). (The ToR for the LD investment committee is available under “documents” here: G:\TOR_LDIC\LD Investment Committee ToR (tc).pdf) Under the LD dual key system independent discussants sit on the LD investment committee to provide third party verification of the impact key, which is monitored by the UNCDF development project that has sourced the investment HQ attach link to minutes G:\minutes\LDIC_Minutes_2017_2018.zip History
1e. Include financial sector representatives as non-voting observers of LFI country steering committees (domestic institutions only), LFI programme board and in the LD investment committee
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/12 Completed Attached TOR of the LFI programme Board. The new governance structure of the LFI programme does not have the Steering Committee as approved by the Global LFI Board which serves this role. Financial sector representatives will sit on the LD investment committee in 2019, Non-disclosure agreements are under review by those agencies. G:\TOR_LDIC\LD Investment Committee ToR (tc).pdf History
3. Recommendation:

Evaluation recommendation or issue: 2. Refocus on the capacity building purpose of LFI

Management Response: [Added: 2018/01/30]

Management response: Capacity building is a key purpose of LFI and management agrees with recommendation. During 2017 three developments have enabled LFI to re-focus:

+ Firstly, the LFI board meeting of May 2017 approved the following conditions for LFI expansion into any given country: 1) Letter of application delivered to the Chair of the LFI board and signed by the Permanent Secretary or equivalent level of the Government Ministry or Government Department responsible for local government affairs with no objection from the Ministry of Finance; 2) Proven existence of the source of funding for LFI seed capital (from government, local government, development partners or other sources); 3) Sufficient regulatory environment to enable investment in LFI pipeline (this includes regulatory environment for public private partnerships with local government and for SME investments). The establishment of the Senior Investment Manager enables the LFI manager to focus on the capacity building, policy and reform agenda in each country (The LFI Programme Board decisions from May 2017 is available under “Documents” here: https://erc.undp.org/evaluation/evaluations/detail/9315)

+ Secondly, the LFI board meeting of November 2017 agreed to establish a tailored capacity development strategy in each LFI country and include these in the 2018 workplan.

+ Thirdly, the same LFI board meeting agreed to establish Local Government PPP units and a Private Finance Liaison Function in the relevant partner government bodies. These will contribute to the capacity building efforts

Key Actions:

Key Action Responsible DueDate Status Comments Documents
2a. Approve policy and financial pre-conditions for establishing LFI in each country
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/03 Completed History
2b. Draw up and implement funded capacity development and communication strategies for local development finance platforms in each LFI country.
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/12 Completed This include to request all government counterpart agencies to include information on LFI on their web sites. Co-host events in collaboration with national and international partners and document lessons learned. History
2c. Establish local government PPP offices in each LFI country
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/12 Completed Completed in Uganda and Tanzania. Benin expected during 2018. History
2d. Establish private Finance Liaison function in office of LFI partner government institutions
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/12 Completed In each LFI country, the LFI government coordinator has been appointed and is liaison of all LFI matters in the country. History
2e. Conduct participant evaluations after training activities
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/12 Completed Participants evaluation will be shared with all stakeholders History
4. Recommendation:

Evaluation recommendation or issue: 3. Develop a project support strategy

Management Response: [Added: 2018/01/30]

Management response: The Local Development Finance team has been restructured in line with the evaluation recommendations. The establishment of the Senior Investment Manager facilitates the work of the LFI manager in creating simple, industry standard and robust templates and methods. The LFI manager will liaise with the LDC-IP where relevant in this work and will engage industry professionals from outside to peer review the instruments. Professional financial management software is being procured enable tracking and monitoring of the pipeline and the technical assistance – including tracking of staff time. The Senior Investment Manager enables the LFI Programme Manager to focus on strategic management, overall quality assurance of the transaction support and capacity building and national systems development.

Key Actions:

Key Action Responsible DueDate Status Comments Documents
3a. Establish Senior Investment Manager function
[Added: 2018/01/30]
LD 2018/03 Completed Senior Investment Manager now operational History
3b. Procure, install and operate professional financial management system
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/12 Completed Pipeline financial management system design is completed. Contractor has been identified and initial technical meetings held. History
3c. Publish peer reviewed LFI operations manual
[Added: 2018/01/30] [Last Updated: 2019/10/10]
LD 2019/12 Initiated History
3d. Establish Dual Key system. This includes an annual LD Investment Plan and budget, for sourcing, appraising, structuring and financing investment opportunities. The Investment Plan to be funded by the LD projects that are sourcing the transactions and other resources available. The investment plan is approved by the LD Investment Committee.
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/03 Completed As of January 2018, the Finance 4 Food programme, the Municipal Investment Finance programme and the Women’s Economic Empowerment programme are sourcing LFI investments. The Local Climate Adaptive Living Facility, the AGREM local economic development programme in Guinea, the LoTUS local economic development programme in Asia and the DINU local economic development programme in Uganda will source LFI transactions during 2008 History
3e. Accelerate the implementation of reimbursable grants for LFI seed capital.
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD, PMSU, MSU 2018/07 Completed First reimbursable grant disbursed December 2017. Awaiting approval of Reimbursable Grant policy. End Q2 2018 for approval of policy. Target: 40% of LFI grants to be reimbursable by Q1 2019 History
5. Recommendation:

Evaluation recommendation or issue: 4. Engage more strategically on the policy and legal reform agenda

Management Response: [Added: 2018/01/30]

Management response: Recommendation accepted. A Local Development Finance technical advisor has been assigned to develop a methodology for scanning the financial environment, which will be carried out every two years in each LFI country in conjunction with relevant independent think tanks in each country.  The LFI board meeting of April 2017 approved the following conditions for LFI expansion into any given country: 1) Letter of application delivered to the Chair of the LFI board and signed by the Permanent Secretary or equivalent level of the Government Ministry or Government Department responsible for local government affairs with no objection from the Ministry of Finance; 2) Proven existence of the source of funding for LFI seed capital (from government, local government, development partners or other sources); 3) Sufficient regulatory environment to enable investment in LFI pipeline (this includes regulatory environment for public private partnerships with local government and for SME investments). The establishment of the Senior Investment Manager enables the LFI manager to focus on the capacity, policy and reform agenda in each country in line with this recommendation.

Key Actions:

Key Action Responsible DueDate Status Comments Documents
4a. Develop methodology and template for scanning the financial environment together with partners
[Added: 2018/01/30] [Last Updated: 2019/06/12]
LD 2019/03 Completed This template will further be enhanced as we develop the LFI operations handbook per information on 3c above. History
4b. Approve policy and financial pre-conditions for establishing LFI in each country
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/03 Completed History
6. Recommendation:

Evaluation recommendation or issue: 5. Leverage LFI expertise through knowledge and information sharing and communications

Management Response: [Added: 2018/01/30]

Management response: Recommendation accepted. At the Programme Board meeting in November 2017 it was agreed to establish a Private Finance Liaison function within government PPP offices to mobilize finance for long term investment through national platforms for local development finance. This function can help to establish the necessary partnerships for the national platform in each country. It requests that LFI support the establishment of this function. The LFI programme team will develop a capacity building and communications strategy for each LFI country to accelerate the sustainable creation of national platforms for local development finance.

Key Actions:

Key Action Responsible DueDate Status Comments Documents
5a. Establish private Finance Liaison function in office of LFI partner government institutions
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/09 Completed History
5b. Draw up and implement funded capacity development and communication strategies for local development finance platforms in each LFI country.
[Added: 2018/01/30] [Last Updated: 2019/06/12]
LD 2019/12 Initiated Capacity development is currently funded at country level e.g. in Tanzania the implementation is part of the annual work plan attached together with the actual training concluded. Communication strategies TOR shows that we are in the procurement process to develop results based communication approach. This work is expected to be completed by December 2019. History
7. Recommendation:

Evaluation recommendation or issue: 6. Build programme leadership and improve governance.

Management Response: [Added: 2018/01/30]

Management response: The evaluation recommendations were implemented during 2017. The Programme Board meeting in April 2017 received the LFI annual report 2016 and issued a Board Decision with strong recommendations that guide the LFI Programme Manager. The Global Programme Board met in November 2017 to review the LFI evaluation report and approved a ‘comment’ to the report. Country steering committees will continue to meet in each country.

Key Actions:

Key Action Responsible DueDate Status Comments Documents
6a. LFI manager to report annual progress to programme board. AWP for each year to be drafted in line with programme board decision
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/12 Completed History
6b. Steering committee to be established in each LFI country
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/03 Completed History
8. Recommendation:

Evaluation recommendation or issue: 7. Strengthen LFI project monitoring and management systems.

Management Response: [Added: 2018/01/30]

Management response: The Local Development Finance team has been restructured in line with the evaluation recommendations. A new function - Senior Investment Manager – has been established with the purpose of ensuring alignment of the growing pipeline with the availability of seed capital, debt capital, technical assistance, and with the LD geographical and thematic investment priorities. The Senior Investment Manager will also support the negotiation of funding arrangements to capitalize the LFI facility and the programmes that source its pipeline, including with DFIs. Professional financial management software is being procured enable tracking and monitoring of the pipeline and the technical assistance – including tracking of staff time. The Senior Investment Manager enables the LFI Programme Manager to focus on strategic management, overall quality assurance of the transaction support and capacity building and national systems development.

Key Actions:

Key Action Responsible DueDate Status Comments Documents
7a. Establish Senior Investment Manager position
[Added: 2018/01/30]
LD 2018/03 Completed Senior Investment Manager now operational
7b. Procure, install and operate professional financial management system
[Added: 2018/01/30] [Last Updated: 2019/09/26]
LD 2019/08 Completed The LD Online Pipeline Management System was developed by the Local Development Finance Practice. The pipeline contains all updated information for each investment, including all financial, performance tracking and documentation. The platform is on the UNCDF SharePoint, which is internal and secure. We have also developed a beta Smart Phone App for the pipeline, which can be accessed on any smart phone. The App allows the updating of any investment on the pipeline, has a pictures and blog feature and notification system. https://undp.sharepoint.com/sites/LDFInvestment/Lists/LDF%20Investment/AllItems.aspx History
7c. Amend the ProDoc, review theory of change and indicators to align with the LD dual key system
[Added: 2018/01/30] [Last Updated: 2018/12/21]
LD 2018/12 Completed History
9. Recommendation:

Evaluation recommendation or issue: 8. Capitalize on linkages with other UNCDF programmes

Management Response: [Added: 2018/01/30]

Management response: Recommendation accepted. The Local Development Finance practice has established a Dual Key system for sourcing and apprising investment opportunities. Under this approach, the UNCDF thematic development project (for example Women’s Economic Empowerment) identifies high impact investment opportunities.  The role of LFI is to structure these transactions and make them financially sustainable. The Local Development Finance investment committee requires both an impact key and a financial sustainability key before approving UNCDF seed capital grants, loans or guarantees to the investment. The Dual Key system means that from January 2017 LFI does not source transactions, but instead appraises transactions presented by Local Development Finance programmes.

Key Actions:

Key Action Responsible DueDate Status Comments Documents
8a. Establish Dual Key system. This includes an annual LD Investment Plan and budget, for sourcing, appraising, structuring and financing investment opportunities. The Investment Plan to be funded by the LD projects that are sourcing the transactions and other resources available. The investment plan is approved by the LD Investment Committee.
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/03 Completed As of January 2018, the Finance 4 Food programme, the Municipal Investment Finance programme and the Women’s Economic Empowerment programme are sourcing LFI investments. The Local Climate Adaptive Living Facility, the AGREM local economic development programme in Guinea, the LoTUS local economic development programme in Asia and the DINU local economic development programme in Uganda will source LFI transactions during 2008 History
8b. Establish LD investment committee that will approve all disbursements of seed capital and all requests to the LDC-IP for debt capital. The dual key system means that the LD investment committee requires both an impact key and a financial sustainability key to unlock any UNCDF capital.
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/03 Completed The LD investment committee met four times in 2017 and approved $530,000 in Seed Capital Grants. $150,000 in reimbursable grants, $200,000 capitalization of a credit guarantee scheme, $185,000 in guarantees (submissions to the LDC IP) and $250,000 in loans (submissions to the LDC IP). Terms of Reference for the UNCDF Local Development Finance Investment Committee is available under “Documents” here: https://erc.undp.org/evaluation/evaluations/detail/9315 History
10. Recommendation:

Evaluation recommendation or issue: 9. Cultivate strategic partnerships

Management Response: [Added: 2018/01/30]

Management response: The Dual Key system means that the LFI supported investments are directly connected to the relevant UNCDF partnerships. For example, in the field of environmental finance UNCDF has signed a Memorandum of Understanding with CommonLand (environmental impact investors) to develop a pipeline of LDC investments in land restoration that comply with the UNCCD treaty. Deal sourcing and impact monitoring will be managed by UNCDF’s programmes in resilience – but transaction structuring will be carried out by LFI. With regards to the financial sector the recommendation is accepted and a more systematic approach to engaging with financial sector partners will be pursued as detailed below.  It is also noted that, on a corporate level, UNCDF has significant and active partnerships with the financial sector and impact investment industry, including membership of CGAP, ANDE, GIIN. As part of the development of the LDC-IP UNCDF will partner with an established fund manager.

Key Actions:

Key Action Responsible DueDate Status Comments Documents
9a. Include domestic financial sector representatives as observers of LFI country steering committees.
[Added: 2018/01/30] [Last Updated: 2019/09/26]
LD 2019/08 Completed Completed. The LFI Tanzania government coordinator competed this exercise by getting our host, the government of Tanzania to submit invitations to the 2 financial domestic sector actors (list shortlisted and recommended by at a Board meeting) to be part of the LFI Tanzania Programme Board. However, these actors have not attended a single Board meeting since their appointment in 2018. See attached doc (NMB signed, and TADB signed). History
9b. Include LDC and international financial sector representatives as observers of LFI programme board
[Added: 2018/01/30] [Last Updated: 2019/09/26]
LD 2019/12 Initiated LFI Global Board will be held in November 2019 History
9c. Include LDC and international financial sector representatives as observers to LD Investment Committee
[Added: 2018/01/30] [Last Updated: 2019/05/30]
LD 2019/03 Completed Independent expert discussants invited and intervened to LD Investment Committee meetings History
9d. Include round table with financial sector as part of Local Development Finance retreat.
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/06 Completed DFIs and private sector Partners including KfW, AfD, AIIB and CommonLand invited to LD retreat. History
11. Recommendation:

Evaluation recommendation or issue: 10. Fund LFI adequately LFI or scale back commitments.

Management Response: [Added: 2018/01/30]

Management response: As mentioned above, under the Dual Key system LFI operates as a facility for transaction structuring; making high development impact investments financially sustainable, especially in “last mile” transactions where extra transaction support is needed. This requires the injection of seed capital and the provision of highly specialized technical assistance, acknowledged by the evaluation as a unique service. The LFI team of investment officers is expanding. To ensure financial sustainability the costs of the TA and Seed Capital will, as far as possible, be charged to the development programmes that is sourcing the transaction and monitoring its impact. In addition, as recommended by the evaluation, the modality of reimbursable grant will be introduced where appropriate – creating a ‘revolving fund’ for LFI seed capital. This will enable LFI to expand or contract in line with the demand for its services. Finally, UNCDF is pursuing the “capital” resource mobilization strategy recommended by the evaluators and has successfully secured additional funding for its Booster Fund to be applied to the LDC-IP and LFI seed capital. As mentioned previously, The LFI board meeting of April 2017 conditions for LFI expansion into any given country, The LFI board meeting of April 2017 approved the following conditions for LFI expansion into any given country: 1) Letter of application delivered to the Chair of the LFI board and signed by the Permanent Secretary or equivalent level of the Government Ministry or Government Department responsible for local government affairs with no objection from the Ministry of Finance; 2) Proven existence of the source of funding for LFI seed capital (from government, local government, development partners or other sources); 3) Sufficient regulatory environment to enable investment in LFI pipeline (this includes regulatory environment for public private partnerships with local government and for SME investments).

Key Actions:

Key Action Responsible DueDate Status Comments Documents
10a. Implement LFI financing strategy in line with Dual Key pipeline sourcing system. Target: Over 50% of LFI costs financed by transaction sourcing programmes
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD 2018/12 Completed Women’s Economic Empowerment programme (IELD) financed 100% of TA and Seed Capital costs for its pipeline in 2017. LD Investment Plan 2018 to include contributions from all other LD initiatives that source LFI transactions. History
10b. Accelerate the implementation of reimbursable grants for LFI seed capital. Target: 40% of LFI grants to be reimbursable by Q1 2019
[Added: 2018/01/30] [Last Updated: 2018/09/28]
LD, PMSU, MSU 2019/06 Completed First reimbursable grant disbursed December 2017. Awaiting approval of Reimbursable Grant policy. History

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