After approval

Has your funding application been approved? Here is what will happen next.

What happens after approval?

As a Nopef funding recipient, you are required to follow these three steps:

1

Annual status reports

Send us a written annual status report every 12 months

2

Disbursement request

When you want to request a disbursement of funds, submit a cost report

3

Final report and grant conversation

Provide a final report at the end of the project

1. Annual status reporting

The annual status report is a short update on your project’s progress and next steps. The report should be submitted once every 12 months, on the date specified in the loan agreement: either 15 April or 15 October.

Send the report (a PDF form) by email to info@nopef.com.

Note: You do not need to submit cost reports when you send this routine status update—unless you also wish to request a disbursement (see the next section).

2. Requesting a disbursement

Disbursements of granted funds are made based on the feasibility study costs incurred by the grant recipient. All costs must be related to the project as outlined in the approved application.

You may ask for funds at any time during your project, up to these limits:

  • Up to 50 % of the approved grant, based on actual costs incurred. The granted funds can be disbursed in one or several tranches but always require a cost report controlled by an auditor.
  • Remaining 50 % of the approved grant: Paid only after you have realised the project by establishing or investing internationally (see below).

The cost reporting form as well as instructions for the cost accounting and auditing can be found at the bottom of this page.

When requesting a payment, send all the following by e-mail to info@nopef.com as scanned, signed PDFs:

  • Bank account confirmation showing you are the account holder (should be the same bank account that is specified in the cost reporting form). Ask your bank to issue a short letter or statement and have them email it to info@nopef.com if possible. A bank confirmation letter is only needed in connection to the first request for disbursement.
  • Cost reporting form summarising incurred project costs.
  • Auditor’s statement confirming your reported costs.
  • Status report providing a short update on your project’s progress and next steps.

Note: There is no need to bundle a cost report with your annual status report – only send a status report, cost reporting and auditor documents when you want funds released.

3. Final report and grant conversion

At the end of the project, you must submit:

  1. Final report: A summary of your findings, results and next steps.
  2. Realisation documents (if the project has been realised according to plan through an international establishment or investment): Company registration documents; investment or shareholder agreements; rental, purchase and employment agreements; pilot or demonstration project agreement or similar.

Nopef determines if the project has been realised in accordance with the fund’s Standard Terms and Guidelines, based on of the final report and received documentation concerning the international establishment. Once Nopef approves your final report and documentation:

  • Your remaining (max 50 %) of funding is paid out.
  • Your conditional loan is converted into a grant in full (100 %), provided the project was realised as planned. If the project did not lead to internationalisation, only a maximum of 50 % of the total approved grant is converted.
View and download reporting forms

Key points to remember

  • Annual status reports are mandatory every 12 months—even if you don’t need funds yet.
  • Cost reporting and auditor’s statements are needed only when you request a disbursement.
  • Funds are disbursed against real costs and capped at 50 % before final approval.
  • The last 50 % depends on evidence of international establishment.
  • All forms and detailed Terms & Guidelines are available here.

If you have any questions, please contact your assigned project manager or info@nopef.com.

FAQ: After approval

The status report can be brief but should describe the main project progression during the reporting period in question and planned project activities during the following 12 months. If no disbursement is required, it is not necessary to provide a cost report in conjunction with the status report.

A project is considered as having been realised once the applicant company has started activities in the project country through a registered subsidiary, joint venture or comparable form of establishment.

The establishment must be documented with copies of the certificate of registration, invested share capital, signed shareholder agreement, employment contract, lease contract, completed investments or deliveries, auditor’s statement or other comparable documentation. Nopef decides whether the project can be considered to have been realised in line with the fund’s Standard Terms and Guidelines, based on the documentation received.

If the project aims at an international demonstration project or pilot installation, the projects can be considered to be realised when investments have been carried out in equipment, installations or facilities in the project country and documentation confirming the implementation of the project can be presented.

Yes, Nopef accepts that a feasibility study may change during the project and that incurred costs will differ from the budget provided in the original application. Nopef must, however, separately approve big changes affecting the project’s overall objective.