Finding international financing is the absolute condition for helping to support the economy in most developing countries. In the Grand Duchy, the Business Partnership Facility (BPF) promotes private investment by working with partners in developing countries, to set up sustainable commercial projects.
The BPF has funds of a million euros per year, intended for co-financing initiatives in the private sector that contribute to development and job creation in developing countries and/or technology transfers. Co-financing may be for as much as 200,000 euros and cover up to 50% of the total cost of a project. The final validation of projects and the granting of co-financing are scheduled for October 2018.
Two new sectors are eligible
The sectors eligible for BPF funding are information and communication technologies (ICTs), biohealth, fintechs and eco-innovation. Two new sectors have been added for 2018: the circular economy, and logistics.
The scheme is directed at all developing countries, but priority will be given to those countries where the Grand Duchy's aid is already present: Burkina Faso, Cap Verde, Ethiopia, Mali, Niger, Senegal, Laos, Mongolia, Myanmar, Vietnam, Salvador, Nicaragua, and Kosovo.
A conference to launch the new Business Partnership Facility (BPF) for the Grand Duchy's cooperation effort was held on 1 March 2018. It was organised by Directorate of Development Cooperation and Humanitarian Action of the Ministry of Foreign and European Affairs and the 'LuxDev' agency, in close collaboration with the Chamber of Commerce.
(article written by the editorial team of the portal luxembourg.lu)