FAQs

The Fund will support both MDBs and non-MDB entities with relevant expertise. For non-MDB applicants, the Fund will prioritize applicants that have the explicit support of an MDB and/or existing relationship(s) with MDBs. Eligible organizations include, but are not limited to:

• MDBs

• Consultants or researchers with expertise in MDB capital adequacy management

• Financial service providers that would like to use innovative financial vehicles to partner with MDBs

• Academics and think tanks

Both charitable and non-charitable organizations are eligible to apply for Fund support, though the proposed projects themselves must have a charitable focus. Non-charitable entities must use funds on charitable work that is separate and distinguishable from their non-charitable work and provides a substantial public benefit, with only an incidental private benefit to the entity. Additionally, entities based in India must have FCRA registration to be eligible.

Yes, academics are encouraged to apply.

Yes, governments can apply.

Yes. Please note that applications from financial service providers will undergo a strict due diligence process, and NVF may engage legal counsel to ensure charitability requirements are met.

No, applicants in India without FCRA registration cannot apply. Applicants with FCRA registration must also ensure their organization and the proposed project are FCRA compliant.

The Fund welcomes a variety of proposals, all of which should:

• Promote initiatives to increase MDB lending capacity in line with the G20 report recommendations.

• Help build public knowledge by generating publicly shareable statistics and/or insights. While grantees are not required to release their work in the public domain, they are expected to share the knowledge gained from their project within the MDB and/or shareholder communities. If there are specific reasons why a grantee cannot share their work within those communities, such circumstances will be reviewed on a case-by-case basis. Please note that non-charitable grantees cannot limit sharing or use of knowledge gained from projects for their private benefit.

• Leverage the insights from the G20 report to build momentum for reforms and innovations in MDB resource management.

Eligible projects must meet the following criteria:

• The Fund will only support initiatives that would not be funded by existing resources—such as internal resources at MDBs or partner institutions—or where the Fund’s involvement would allow for material improvements in project quality or scope. Applicants will be required to explain why their projects must be funded with external philanthropic resources.

• Proposals must be project-specific; the Fund will not award general operating grants.

• Project activities and outcomes must set out to benefit the Global South in the long term.

Preference will be given to:

• Programs that are planned and ready for execution following receipt of funds.

• Programs proposed by, in collaboration with, or with support from MDB management or shareholders.

Ineligible project types include:

• Projects that support business-as-usual activities.

• Advocacy or education activities aimed at the general public.

• Projects carried out by non-charitable grantees using grant funds to create intellectual property that the grantee will own and possibly use for non-charitable activities (unless certain criteria are met).

Non-charitable entities must use funds on charitable work that is separate and distinguishable from their non-charitable work and provides a substantial public benefit, with only an incidental private benefit to the entity.

NVF may engage legal counsel to review proposed activities and ensure charitability requirements are met.

The Fund is not intended to provide capital at risk, and projects should focus on leveraging current MDB resources. However, it may consider exceptional proposals.

Projects may include some workshops or events to gather information or disseminate findings as components of their broader efforts. However, projects that have advocacy or education for the general public as their main objectives are outside the scope of the Fund and are therefore not eligible.

Projects may focus on areas of work such as:

• Technical assistance to address potential barriers to leveraging shareholders’ capital contributions and maximizing financing, as determined by MDBs’ capital adequacy frameworks.

• Operational funding to finance pilot programs or parts of programs to implement the G20 report’s recommendations and/or demonstrate how to implement MDB reforms on a larger scale.

• New and in-depth analysis to build on the G20 recommendations.

Proposals could include, but are not limited to:

• Developing evidence or supporting analysis demonstrating how MDBs could adjust capital adequacy frameworks to expand lending in a prudent and sustainable manner, or how CRAs could more accurately assess and reflect MDB risk in their methodologies.

• New and innovative initiatives designed to support environmental sustainability through finance.

• Designing or testing innovative financial strategies (including securitization proposals, hybrid capital, etc.).

• Conducting feasibility studies and preparatory work supporting one or more of the G20 report recommendations.

• Facilitating greater transparency or exchange of information that could meaningfully contribute to more efficient MDB resource management.

• Providing targeted education and governance support related to MDB capital adequacy.

The G20 report can be found here. Broadly speaking, the report recommends the following to increase MDB capacity:

1. Adapt approach to defining risk tolerance.

2. Give more credit to callable capital.

3. Expand uses of financial innovations.

4. Improve credit rating agency assessment of MDB financial strength.

5. Increase access to MDB data and analysis.

The MDB Challenge Fund, which has a current balance of $5.25 million, anticipates awarding 8–18 grants.

The Fund anticipates awarding grants that last 12–18 months. While applicants can propose a duration of less than 12 months, the Fund will carefully consider whether these projects are feasible on such a short timeline.

There is no minimum grant amount.

The maximum grant award will be $1 million; however, the Fund anticipates issuing most grants with proposed budgets of up to $500,000. The Fund will consider a limited number of exceptional projects with proposed budgets above $500,000 and up to $1 million. The Fund reserves the right to modify the total amount requested for final approval.

The application and required documentation should be submitted in English.

Applicants can apply through the online grant portal, Foundant. Please follow these steps to access the grant application:  

• Go to the grants management website: https://www.grantinterface.com/Home/Logon?urlkey=mdbcf

• Follow these steps to create an account and apply:  

  1. Select Create a New Account. This will prompt you to fill out a profile about your organization. Please create only one account for your organization. We recommend using a general email address for your grants department for the account.  

  2. Click on Apply in the upper left corner of the page. 

  3. In the Access Code field in the top right corner, enter 0721 and click Enter Code.  

  4. An overview of the grant application will appear. Click Apply and fill out the application.  

  5. When finished, click Submit Application. You may save the application as a draft and return to the online system to submit it later.   

• To see a video tutorial of these instructions, please click here: https://drive.google.com/file/d/1O2-rkkxy9iQ1WLx2LKaBYr9LgFoXfaqt/view?usp=sharing

Organizations submitting joint applications must provide the organizational and financial information requested for the partner that will receive the funds. If an applicant does not have one or more of the required documents listed below, please reach out to mdbchallenge@newventurefund.org and specify which document(s) is not applicable for the applicant. We will consider such exceptions on a case-by-case basis.

Charitable organizations must submit the following materials. All forms provided by NVF are available for download at this link: https://drive.google.com/drive/folders/1s1MBqjFwKOj7VPC3fYpwSNKj2DvIhP68

• Proof of Charitable Status

  • For US-based entities: Most recent Form 990F or W-9

  • For entities not based in the US: 501(c)(3) Equivalency Determination letter dated within the last two years*

• Grant Proposal Cover Sheet (form provided by NVF)

• Proposed Use of Funds

  • Narrative (collected in application in Proposal Narrative section)

  • Proposed budget (collected in application under Financial Requirements and Compliance section)

• Organization Budget

• List of Key Organization and Project Staff

  • An overview of the organization’s leadership, staff members, and their roles in your decision-making process. Please provide a list of staff members (including their positions and gender) and brief biographical information for key staff (full CVs are not necessary)

• List of Organization Board Members

  • A list of the organization’s board of directors, including the officers, their affiliations, and brief biographical information for each

• Current Year Financial Statements

  • A list of your organization’s most relevant committed, pending, and potential funding sources. Please list the main funders of your organization, providing the funder’s contact information (email address or phone number), the total amount received, and the purpose for which the grant was provided.

• Audited Financials (most recent)

• [If relevant (non-US)] International Applicant Financial Overview Form (form provided by NVF)

• [If relevant (non-US)] International Wire Form (form provided by NVF)

*Please note that entities that do not have an Equivalency Determination will not be considered charitable entities for the purposes of this RFP and will undergo the same restrictions as non-charitable entities

Organizations submitting joint applications must provide the organizational and financial information requested for the partner that will receive the funds. If an applicant does not have one or more of the required documents listed below, please reach out to mdbchallenge@newventurefund.org and specify which document(s) is not applicable for the applicant. We will consider such exceptions on a case-by-case basis.

Non-charitable organizations must submit the following materials. All forms provided by NVF are available for download at this link: https://drive.google.com/drive/folders/1s1MBqjFwKOj7VPC3fYpwSNKj2DvIhP68

• Proof of Tax Status*

  • W-9 or W-8BEN-E if non-US entity. You can find instructions for how to fill out the W-8BEN-E here. If you are a non-US individual, please email mdbchallenge@newventurefund.org for a copy of the W-8BEN form.

• Grant Proposal Cover Sheet (form provided by NVF)

• Proposed Use of Funds

  • Narrative** (collected in application in Proposal Narrative section)

  • Proposed budget (collected in application in Financial Requirements and Compliance section)

• Organization Budget

• List of Key Organization and Project Staff

  • An overview of the organization’s leadership, staff members, and their roles in your decision-making process. Please provide a list of staff members (including their positions and gender) and brief biographical information for key staff (full CVs are not necessary)

• List of Organization Board Members

  • A list of the organization’s board of directors, including the officers, their affiliations, and brief biographical information for each

• Current Year Financial Statements

  • A list of your organization’s most relevant committed, pending, and potential funding sources. Please list the main funders of your organization, providing the funder’s contact information (email address or phone number), the total amount received, and the purpose for which the grant was provided.

• Audited Financials (most recent)

• [If relevant (non-US)] International Applicant Financial Overview Form (form provided by NVF)

• [If relevant (non-US)] International Wire Form (form provided by NVF)

*If proof of tax status is not applicable given the applicant’s organization type, the Fund will accept proof of valid legal existence

**Narrative must include an explanation of how the project is charitable, as defined by the US Internal Revenue Service and in accordance with section 501(c)(3) of the US Internal Revenue Code

Non-US applicants are eligible and encouraged to apply. To create an account and start an application, no US-specific information should be required any longer. Below, we have included suggested substitutes if applicants are requested to provide this information.

• EIN: 00-0000000

• Telephone number: 0000000000

• US State: AK

Non-charitable applicants should outline how their project aligns with the US IRS definition of charitability, including who the charitable beneficiaries of the project are and how the project’s outputs are intended for public benefit.

All required forms provided by NVF are available here. Applicants must download these forms to complete them before uploading them to the Foundant application portal. Non-US individuals requiring a W-8BEN-E form should request one by emailing mdbchallenge@newventurefund.org.

Yes, joint applications from multiple organizations are welcome. Please note that organizations submitting joint applications must provide the organizational and financial information requested for all organizations that will receive the funds.

Joint applicants should create one account to submit an application and note within the materials the different entities included.

Yes, organizations may submit more than one proposal if they have multiple ideas for relevant projects or would like to submit proposals with different project partners.

1. (Optional) Discuss your program and project ideas with the fund manager before the application deadline by contacting Maura Cravero at maura.cravero@newventurefund.org.

2. (Recommended) Fill out and submit a brief Intent to Apply form no later than December 16.

3. (Required) Submit an application through Foundant by January 27, 2023.

No, applicants do not need Fund approval to apply. Further, the intent to apply form is recommended, but not required.

The Fund will only contact organizations and/or individuals regarding their intent to apply form if their proposed topics are likely to be out of scope.

If you would like specific feedback on your proposal, please indicate this in the additional comments section of the form or contact Maura Cravero at maura.cravero@newventurefund.org.

Contact mdbchallenge@newventurefund.org for any logistical questions or general inquiries. For project-specific questions or to preview application ideas, please contact Fund Manager Maura Cravero at maura.cravero@newventurefund.org.

The Fund will evaluate applications based on the following criteria built from the funding priorities:

• Technical rigor: The proposal is well scoped and clearly articulated, with a robust technical foundation.

• Innovation and additionality: The project would allow MDBs to go beyond established practices, either in substance or in ways of working. It is additional to business-as-usual activity and already-planned initiatives.

• Impact: The project would have a concrete impact on MDBs’ practices and, in turn, on their financing volumes. This can be a direct impact on the operations of one or more MDBs, or an indirect impact through research/analysis or initiatives that affect MDBs as a group. This theory of impact should be clearly articulated.

• Capacity: The applicant has the skills, experience, and resources to deliver the project, as well as the support or relationships with MDBs or their shareholders to make the project likely to have concrete effect.

• Risk: The proposal identifies key risks and mitigating actions.

The criteria for evaluating MDB relationships will be determined on a case-by-case basis. Qualifying relationships can range from a joint bid or explicit partnership to evidence of previous interactions with MDB management or shareholders. It is at the applicant’s discretion to decide how to demonstrate support or relationship(s) with MDB(s), depending on the nature of their project. If you would like to discuss how this may apply to your project, please contact Maura Cravero at maura.cravero@newventurefund.org.

Yes , the Fund will consider applications without explicit support and/or existing relationship(s) with MDB management or shareholders. Such support or relationships are preferred but not required.

The Fund welcomes proposals that benefit multiple MDBs or that promote collaboration between MDBs. We encourage applicants to highlight how these factors would affect the impact of your proposal.

Partnerships with MDB shareholders are encouraged.

The fund manager will begin the application review process by screening all applications for eligibility and alignment with the Fund’s goals and priorities. The fund manager will then recommend eligible applications to the technical advisory panel. The technical advisory panel will score applications using a predetermined rubric and will advance applications for the advisory board’s review and evaluation. The advisory board will vote on grant applications and make final recommendations to the NVF board, which will approve final grants.

The Fund will notify all applicants in February to share whether or not their proposals have been submitted to the technical advisory panel for review. Once the full review process is complete, the Fund will let applicants know whether or not their application was successful.

It is possible for a bidder to choose to route the money directly to a delivery partner or contractor. However, such an arrangement must satisfy the Fund’s charitability criteria. If you wish to route funding directly to a delivery partner, we recommend that you contact us before submitting your application.

Yes, so long as the organizations on a joint proposal are all eligible to receive funds, payments can be split at the project’s discretion. However, the Fund will require financial information for all organizations receiving payments from NVF.

Please submit the required financial information for all organizations that will receive funding.

NVF will contact successful applicants once they are selected for an award to discuss timing and modalities for disbursement.

The Fund will determine if grantees receive funding in tranches or as a single transfer on a case-by-case basis according to a variety of factors, including the grant amount. Where relevant, NVF will discuss modalities with relevant applicants directly.