Disbursements and reporting

General reporting requirements

The following reporting is required for all projects approved and financed by Nopef

Status reporting

A written status report on the project development is to be submitted every 12 months by email to info@nopef.com. The annual reporting date is either 15 April or 15 October, as specified in the loan agreement.

The reporting forms can be found at the bottom of this page. Cost reporting is only required if a disbursement is requested in connection with the status report. Please note that you need to download the forms and open them with Adobe Reader to fill in the information.


In connection with a request for disbursement of funds, a signed cost-reporting form and a separate auditor’s statement are to be submitted. The documents are to be sent by e-mail as scanned copies of the signed originals to info@nopef.com.

In connection to the first request for disbursement, kindly send us a bank confirmation letter concerning the bank account to which the disbursement is to be made (specified on Nopef’s cost accounting form), confirming that the recipient is the holder of this account. If possible, your bank can send this letter directly to info@nopef.com.

Final report

Upon completion of the project, a final report summarising the findings and results of the project is to be submitted.

If the project has been realised through an international establishment or investment, relevant documentation (company registration documents; investment or shareholder agreements; rental, purchase and employment agreements; or similar) is to be included with the final report. The final disbursement with a conversion of the conditional loan into a grant is made after the final report has been approved.

Terms and conditions

The terms and conditions for funding provided by Nopef are described in the Standard Terms and Guidelines, to be downloaded at the end of this page.

During the project time frame, the fund recipient must report to Nopef every 12 months on the progress and status of the project.

Fund disbursements are made against the reporting of actual incurred feasibility study costs. In order for a disbursement to be made, a signed cost-reporting form and a separate auditor report is to be submitted by regular mail. A status report covering the time period corresponding to the cost report is also needed.

Disbursed funds are converted into a grant after a final report has been received and approved.

Disbursement of funds

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. Nopef can disburse funds corresponding to up to 50% of the approved and reported feasibility study costs.

Funding from Nopef is disbursed in accordance with the EU’s de minimis regulation for state support, which limits the total amount of state aid per recipient to EUR 300,000 over a period of three tax years. The granted funds can be disbursed in one or several tranches but always require a cost report controlled by an auditor. A maximum of 50% of the approved funding can be disbursed during the project before a final report has been received.

If the project is realised through an international establishment, the remaining part of the granted funds can be disbursed and converted into a grant after the final report has been approved.

Grant conversion

Funding from Nopef is offered in the form of a conditional loan that is converted into a grant, either partly (50%) or in its entirety (100%), following the approval of a final project report.

If the project has been realised according to the presented plan in the application, either through an international establishment of a subsidiary, joint venture or comparable long-term investment in the project country or through an investment in an international demonstration project or pilot installation, 100% of Nopef’s funding is converted into a grant. If the project does not result in internationalisation according to plan, 50% of the approved funding can be disbursed and converted into a grant.

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.

Upon disbursement of approved funding:

The incurred project costs should be summarised on Nopef’s cost-reporting form, which can be downloaded below.

The cost reporting must be controlled by an authorised auditor and a separate signed auditor report is to be submitted by regular mail. Refer to the instructions for cost reporting.

A written status report covering the reporting period in question is required for all fund disbursements.

Download forms and templates

Status report
Instructions for cost accounting and auditing
Cost accounting form