The Common Fund For Commodities is inviting applications for support of commodity development activities in its member countries. This is the 16th call for proposal by Common Fund For Commodities. The call is for innovative projects with a difference to be funded.
The Common Fund For Commodities (CFC) is an autonomous intergovernmental financial institution established within the framework of the United Nations.
From 1976 to 1980, at the United Nations Conference on Trade and Development (UNCTAD), the agreement that established the Common Fund For Commodities was negotiated. In 1991, the first commodity development project was approved.
The Common Fund For Commodities provides a range of financial and technical instruments. These support projects proposed by cooperatives, enterprises and institutions along the entire commodity value chain in its member countries.
The support covers all segments of the value chain. Also, it includes services and support functions that help all participants in the process of value generation to make a perceived impact.
Mainly, the support is offered through loans to finance equipment, working capital or trade finance need.
What Common Fund For Commodities Seek
Common Fund For Commodities do not seek applications from startups. Rather, they seek applications from projects that have reached a state of economic, social and environmental sustainability. The applicants must show operational and financial viability.
Moreso, projects must have a proven track record. Also, women entrepreneurs are encouraged to apply.
The Common Fund For Commodities is funding for innovation, therefore, projects incorporating innovative solutions for the commodity sector are especially expected to be submitted.
The deadline for submission is the 15th April 2020, so, all interested parties are invited to submit a qualifying proposal no later than the 15 April 2020.
Between 16 April to 29, May 2020 applications will be screened. On 29 May 2020, project proposals will be submitted to the Consultative Committee. Consideration of project proposals by the Consultative Committee will be done between 29 June to 2 July 2020.
Next, between 3 July to 1 September 2020, negotiation of the key terms and conditions and preparation of recommendation to the Executive Board will take place. Then, on 1 October 2020, consideration of financing recommendations by the Executive Board will be done. Lastly, the final decision of the Executive Board will be communicated shortly after the Board meeting in October 2020.
Objectives of The Common Fund For Commodities Project Financing
The CFC supports projects in the commodity sector that help in achieving the SDGs in CFC member countries. The objectives are:
- To create employment especially for women and youths.
- Reduce poverty
- Enhance food security
- Increase household income
- Enhance production and productivity
- Achieve higher local value addition
- Improve the competitiveness of producers, producer organisations and small and medium-sized industries
- Support the financial sector development
Enhance production considering and mitigating the impact on the environment.
How To Apply For The Common Fund For Commodities
To apply for CFC, visit the website, download and complete the application form according to instructions from the website. Applications are to be made in English only.
Photo Credit: Common-fund.org