The Malawi Innovation Challenge Fund (MICF) is a US$ 8 million competitive, transparent mechanisms that provides grant finance for innovative projects proposed by the private sector active in Malawi’s agricultural and manufacturing sectors. Supported by the United Nations Development Programme and UK Aid, the MICF is designed to be a quick, responsive mechanism that is not overly bureaucratic and understands the needs of the private sector.
The MICF aims to:
- Harness the strengths of the private sector to generate and test new ideas.
- Trigger innovation, speed up implementation of new business models and/or technologies, combining potential commercial viability with high social impacts.
- Help prove the viability of new business models, and enhance the ability of such projects to be replicated / scaled up on a purely commercial basis.
Some of the key activities include:
- Technical and financial appraisal of concept notes
- Conducting due diligence for the potential grantees
- Performance monitoring and reporting of grantee projects
Input to policy engagement on Private Sector Development through the Ministry of Industry and Trade.