Indo-Pacific NGO Blended Finance Accelerator

Purpose: Proposals must articulate a clear need for grant support for the design, proof of concept, pilot, scale-up or expansion of an innovative blended finance vehicle. The proposed solution should be a financial instrument with a blended finance structure. It can be in the form of a fund, project finance vehicle, private company, bond, results-based financing, facility, or any other type of financial instrument. Vehicle must demonstrate potential to drive private investment at scale for development impact in Indo-Pacific.

Applicant types: Applications must be from NGOs applying independently or together with consortium partners. NGOs must have a material role in the design and implementation of the financial instrument such as fund manager, investment pipeline origination, technical assistance provider, or any other substantive role. The NGO should have evidence of support from their Board and/or internal management to participate in a blended finance structure prior to being eligible to receive funding.

Focus geography: The applicant can be based in any country (developing or developed market). However, the blended finance vehicle must target one or more countries in the Indo-Pacific region that are eligible to receive Official Development Assistance and are aligned with DFAT’s list of target countries (Eligible Countries), which at the Commencement Date are: Bangladesh, Cambodia, Indonesia, Laos, Mongolia, Myanmar, Nepal, Pacific Islands Nations (Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Nauru, Niue, Papua New Guinea, Republic of Palau, Republic of the Marshall Islands, Samoa, Solomon Islands, Tokelau, Tonga, Tuvalu and Vanuatu), Pakistan, Philippines, Timor-Leste, Vietnam and Sri Lanka. The proposal will be eligible for funding only if 100%* of the target region consists of one or more of the Eligible Countries. *Convergence may consider regional proposals with up-to 20% of the anticipated portfolio exposure to any other ODA eligible country in the Indo-Pacific region not listed above.

Focus sectors: Blended finance vehicles supported by the program must focus on either or both of the following impact themes -

• Climate Action - Addressing climate change mitigation, climate change adaptation or both. Must align with at least one of the following: SDG 7 (Clean Energy), SDG 11 (Sustainable Cities), SDG 12 (Responsible Consumption), SDG 13 (Climate Action), SDG 14 (Life Below Water), SDG 15 (Life on Land).
• Gender Equality - Strong gender equality focus. Must significantly contribute to gender outcomes and focus on integration of gender equality into the design, implementation, and operations of vehicles, rather than as a “bolt-on feature” or “nice-to-have”. Must align with SDG 5 (Gender Equality) and can include vehicles which are targeting the nexus of gender equality and other impact themes like health care, education and financial inclusion.

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