Opecfund (Grants) for Business Development

OPEC Fund’s Young Professional Development Program
OPEC Fund’s Young Professional Development Program

Opecfund (grants) application for business development has commenced application.

The application is designed to aid business development around the world. Individual with baby business who want to expand or start a business can apply.

Guidelines for Applications / Opecfund (Grants)

This is a summary of the Guidelines for Grant Applications document, which outlines the revised eligibility criteria for the OPEC Fund’s grant financing and modalities for the submission of grant applications. For more detailed information, please download the full document.

General principles / Opecfund (Grants)

All grant applications should meet the following general principles: (i) the requested grant should support initiatives and activities that present a clear and measurable development impact; (ii) the objectives of the proposed grant activities and projects/programs should be clearly aligned with the OPEC Fund’s strategic goals and priorities.

Therefore, for country-specific grants, the OPEC Fund will prioritize project proposals and activities that are clearly linked to, could complement or support its existing operations in the country concerned; and (iii) the proposed interventions and activities should be delivered in a cost effective manner.

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Under its grant program, the OPEC Fund may extend three types of grants:

(i) grants for country-specific activities and projects

(ii) grants for special development initiatives of global or regional scope

(iii) emergency aid grants  in support of humanitarian relief operations, including material or logistical assistance delivered for humanitarian purposes.

For all types of grants, and with the exception of emergency aid grants and grants in support of projects sponsored by other development finance institutions or UN agencies, proposed activities and projects may be undertaken only where there is a solid commitment from the government to the project concerned.

Also Read: Agra Agricultural Grants Application

Country eligibility / Opecfund (Grants)

In line with the Agreement establishing the OPEC Fund, developing countries other than OPEC Member Countries are eligible for OPEC Fund’s grant assistance, with special consideration to the needs of LDCs.

Priority sectors and areas

While the OPEC Fund has financed projects in a wide array of sectors, including agriculture, energy, health, transportation and water and sanitation, it aims to be responsive to the needs of its partner countries. In addition, the OPEC Fund provides emergency aid assistance and supports selected regional and global initiatives, especially those addressing priority issues on the sustainable development agenda.

Also Read: Youth Agricultural Education Grants

Eligible partners / Opecfund (Grants)

Eligible partners are any government or non-government body, including co-financing partners, private sector entities, research institutes, UN agencies and international NGOs. All grantees should meet a number of eligibility criteria, in particular have a good track record in implementing similar projects and technical expertise in the area covered. When a non-government and not-for-profit organization is applying for a grant, with the exception of other DFIs and UN agencies, it should provide clear evidence of government approval of the proposed project/activity.

Opecfund (Grants) amount and co-financing requirements

The amount of OPEC Fund contribution will vary according to the scope and the nature of the proposed grant activity or project. However, and with the exception of emergency aid and small grants in amounts of up to US$100,000, OPEC Fund’s contribution to a stand-alone project should not exceed 50 percent of the total cost of the said project.

Grant applications may be submitted on ad-hoc basis at any time. Nevertheless, partner organizations are advised not to submit more than one application a year. Additionally, partners that have been recently awarded an OPEC Fund grant for a project in the same country, which is still ongoing, should await its satisfactory completion before submitting a new grant application.

In order to facilitate the screening of grant applications against eligibility criteria, applicants are required to submit project proposals using the OPEC Fund Grant Application Form along with supporting documents listed in Annex of the Guidelines for Grant Applications document.

An individual can Read Up here.

Opecfund (Grants)
Opecfund (Grants)