Call for Proposals: The AgriFI Kenya Challenge Fund 2019 for agri-enterprises
Application Deadline: 31st July 2019 at 12.00 pm (noon) EAT
The AgriFI Kenya Challenge Fundis looking to award an indicative amount of EUR 18,000,000 to agri-enterprises as financial support. The funds will be allocated through three (3) separate calls for proposals. This second call will allocate up to approximately EUR 8,000,000.
Size of financial support
Any financial support requested from AgriFI Kenya Challenge Fund in the second callmust fall within the following range:
- Minimum amount: Euro 200,000
- Maximum amount: Euro 750,000
The Challenge Fund will award financial support to cover a maximum of 50% of the total value of the proposal. The balance (i.e. the difference between the total cost of the proposal and the amount requested as financial support) must be financed from matching funds in the form of cash/cash equivalents, credit or equity from external financiers. In cases where applications are made by consortia the match fund contributions can be provided by any of the consortia members.
The financial support will require match funding from the agri-enterprise making the application. The match funding may be through own resources available to the agri-enterprise or may be sourced through external finance such as credit or external equity investment. Match funding can also come from co-applicants.
Duration of Financial Support
The minimum duration of the financial support will be 24 months while the maximum will be 36 months from the signature date of the contract. During this period the financial support funds will be disbursed based on a negotiated milestone structure.
For applicants that will be able to access credit line from Equity Bank, the maximum loan tenure will be up to 7 years. The individual projects tenure in this regard will be reviewed on case by case basis as per Equity Bank’s internal policies, processes and procedures and as per the terms agreed upon between Equity Bank Kenya and European Investment Bank.
This Article was originally written By OFA -June 30, 2019