• Proposals may only be submitted by private legal entities. Individual applicants are not eligible. The program welcomes applications from Non-Profit Organizations (NGOs) that apply as the primary applicant. NGOs can be based in any country but the vehicle should target eligible countries in the Indo Pacific. NGOs may apply independently or along with a consortium of partners in which the NGO plays a material role in the design and implementation of the financial instrument such as fund manager, investment pipeline origination, impact manager, technical assistance provider, or any other substantive role.

• In some cases for Stage 2 and Stage 3 grants, we may consider awarding the grant to fund/asset managers who are partnering with an NGO, where the NGO is playing a material role in the design and implementation of the blended finance vehicle.

• Please note that proposals from UN agencies, Development Finance Institutions, Multilateral Development Banks, Development Agencies may not apply as the lead applicant , they are only eligible to apply in a consortium with an eligible entity (e.g. NGO) as the lead partner.

• 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) . The proposal will be eligible for funding only if 100% of the target region consists of one or more of the Eligible Countries.* Additionally, the program is designed to prioritize underserved markets, primarily Pacific Island Countries.
  

• Eligible countries include: Bangladesh, Cambodia, Indonesia, Laos, Mongolia, Myanmar, Nepal, Pacific 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.

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.

The Accelerator prioritizes two core themes: climate action and gender equality. All blended finance vehicles supported must focus on at least one of these areas.

• • Climate action includes both mitigation and adaptation.

• • Gender equality is both a stand-alone priority and a cross-cutting lens. This means vehicles can directly target gender outcomes (e.g., women’s access to finance, gender-just health or education initiatives) or ensure that gender considerations are systematically integrated into other sectors like climate, health, education, or financial inclusion etc.

• In short, while climate and gender are the primary focus areas, gender equality is treated as a cross-cutting priority that should be embedded across all sectors, rather than approached as an add-on.

High additionality and demonstration means the proposed blended finance vehicle fills a clear market gap and unlocks capital or outcomes that would not occur without concessional support. Examples include:

• • NGO participating in blended finance for the first-time, marking a strategic shift from traditional grant-based models and partnering with the right partners for the success of the vehicle.
  

• • NGO leveraging local presence, trust, data, and networks to de-risk investments and applying field knowledge to structure the vehicle (e.g., layering TA with investment, piloting innovative risk-sharing mechanisms).
  

• • NGO bringing in stakeholders who are new to blended or impact finance (e.g., local funders, institutional capital providers, etc.). Fostering unusual partnerships (e.g., between NGOs and institutional investors, local cooperatives, or diaspora funds).
  

• • NGO participating in a new geography, especially underserved or high-risk markets (e.g., Pacific Island countries)
  

• • NGO showcasing the grant or acceleration support is essential to move the vehicle from concept to execution and that there is a clear plan to test a replicable model or build a demonstration case that could crowd in commercial investors or inspire similar NGO-led vehicles.
  

• • The proposal identifies specific capital gaps or financing bottlenecks where commercial capital has not reached and explains how their proposed vehicle successfully addresses these gaps.

The full selection process takes up to six months on average from the call for proposals launch to final selection.

Funding will be disbursed in tranches according to the achievement of milestones deliverables. The milestones will be agreed upon with the awardees during the contracting stage.

The grant funding will depend on the timeline of the key activities to be completed by the grantee which could take anywhere between 12-24 months. Extension of the grant funding timeline may be granted on a case-by-case basis.

Yes, the grant funding could be partially or fully repayable for stage 2 (Proof-of-Concept/Pilot) and Stage 3 (Expansion/Scale-up) grants, respectively. Grant Repayment is typically contingent upon the successful launch of the financial vehicle. In this context, a Repayment Event would likely be linked to one or a combination of the following milestones -

• • Achievement of a fundraising target in relation to the Financial Close (First Close, second close, or subsequent closes), or

• • A revenue generation milestone, following revenue generation either from the underlying operations of the vehicle or from management fees earned by the vehicle manager.

The acceleration support will typically last for 12 months. Extension of the grant funding timeline may be granted on a case-by-case basis.

The acceleration support under the Indo-Pacific NGO Blended Finance Accelerator program goes beyond grant funding and is designed to help NGOs successfully design, structure, and launch blended finance vehicles. This comprehensive acceleration support aims to increase the likelihood of financial close and long-term success of the blended finance vehicle. Support includes:

Curated Knowledge & Learning:

• • A specialized blended finance curriculum, updated on an ongoing basis, and training tailored for NGOs.
  
• • Access to general knowledge products and valuable market insights from Convergence.
  
  

Enhanced Market Engagement:

• • Strategic matchmaking with investors and ecosystem partners and showcasing opportunities.
  
• • Access to a curated and vetted list of technical service providers and/or TA partners.
  
• • Visibility and networking opportunities at relevant events and working groups.
  
  

Strategic Capacity Building:

• • Peer-to-peer learning sessions for sharing best practices and strategies among the awardees.
  
• • Investor readiness and strategic positioning support, including expert feedback on critical design and related deliverables from seasoned blended finance professionals.
  
• • Targeted bootcamp sessions addressing awardees' specific interests and needs.

Below is a list of activities that may be eligible for support across various stages. Please note that this list is not exhaustive, proposals may include additional activities that contribute to the design, launch, or scale-up of the financial vehicle. The segregation of activities across the stages is based on typical use cases but may vary across different solutions. It is also important to note that catalytic grants awarded under the NGO Accelerator program cannot be used to make direct investments into the financial vehicle.