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Financing

Financing: Securing of financial agreement for the project.

Purpose

The purpose of the financing stage in the project cycle is to reach an informed decision to implement the project and to secure funding for it through an agreement between the recipient country and the EC (perhaps in co-ordination with other donors). To achieve this, satisfactory answers will be needed to a number of questions, including its relevance, feasibility and prospects of sustainability; the accuracy of costings; and the level of commitment and sense of future ownership by the Government and stakeholders. Demonstration is needed that sufficient funding to complete the project, and maintain any installations in the future, will be available.

Inputs

Feasibility report; results from complementary studies (environmental impact assessment, social impact assessment see Part III, Aids).

Activities

Preparation of a Financing Proposal and supporting documentation; review and decision on the financing proposal.

Outcomes

Financing decision by appropriate EC body, followed by a Financing Agreement confirming project content and modalities; accompanying measures for project implementation and sustainability; definition of conditions for project financing; definition of monitoring indicators (see also Part III).


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