The Malawi Innovation Challenge Fund (MICF) is currently in its implementation phase. This competitive facility, through which businesses within Malawi’s agricultural and manufacturing sectors can obtain funding, is jointly managed by Imani Development and Nathan Associates London with support from the United Nations Development Programme (UNDP) and the Department for International Development (DFID).
The MICF fund managers have been engaging with the shortlisted firms, as selected by the independent Investment Panel, to progress to the Contracting and Negotiating phase. This included working closely with these firms to prepare the Logic Models which showcase the logical sequence of activities that the company undertakes as it moves towards achieving social impact, finalising project milestones and the means of verification.
Firms that meet the project requirements of innovation, commercial sustainability, growth and replication potential, are realistic and feasible, and most importantly highlight a significant impact on the poor, are eligible to receive a grant from the MICF of up to 50% of the project’s total cost – with grant sizes averaging US$400 000. Firms cover the remaining costs as an indication of their dedication to the project.
Project implementation started in January 2015.