§ Mrs. SpelmanTo ask the Secretary of State for International Development (1) what criteria are used for allocation of Financial Deepening Challenge Fund grants; what mechanisms are in place to assess the impact and effectiveness of grants made under the Financial Deepening Challenge Fund; and what assessment her Department has made of the impact and effectiveness of projects funded by the Financial Deepening Challenge Fund; [20646]
(2)how much money has been allocated in grants through the Financial Deepening Challenge Fund; [20645]
(3)how many companies have received funding through the Financial Deepening Challenge Fund. [20644]
§ Clare ShortThe Financial Deepening Challenge Fund was launched in April 2000. It has since been made available for application by enterprises in 15 countries in Africa, South Asia and the UK. The fund accepts bids for assistance twice a year. All bids are independently assessed on fixed timescales and on a competitive basis. More information on the fund can be obtained from the website: www.challengefunds.org. or by contacting the DFID public information point on 01355 84 3132.
Since the launch of the fund in January 2001, there have been two completed bidding rounds—with the third bidding round currently in progress. In the first two bidding rounds, the fund panel approved seven projects. In total, grants amounting to £3.7 million have been committed to these projects, these amounts being disbursed over the life span of the projects. A number of these projects were submitted by consortiums rather than single companies. In total, seven companies and six non-governmental organisations are expected to be involved in the implementation of these projects.