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 sixth month by email to info@nopef.com.
Reporting forms can be found at the end of this page.

Disbursements

In connection with a fund disbursement request, a signed cost-reporting form controlled and signed by an auditor is to be submitted. The original signed documents are to be sent by regular mail to Nopef at the beneath address. NOTE! During the current situation we accept scanned copies of signed cost accounting forms and auditor reports. Kindly send these to info@nopef.com 

In connection to the first disbursement request, kindly send us a bank confirmation letter concerning the bank account to which the disbursement is to be made (specified on Nopefs 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

Nopef/NEFCO
P.O. Box 241
FI-00171 HELSINKI
FINLAND

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 sixth month 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 cost-reporting form controlled and signed by the company’s auditor is to be submitted. 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.

Project reporting

The fund recipient is required to report on the project development every sixth month, starting from the approval date of the grant application, and if there are any significant changes to the original plan.

Reporting forms can be found at the end of this page.

Status reports

The status report shall provide an overview of how the project is progressing, completed milestones and planned activities of the project. Cost reporting is only required if a disbursement is requested in connection with the status report.

Final report

Approved and disbursed funds are converted into a grant when a final project report has been received and approved by Nopef. The final report must summarise the feasibility study work and findings, and the commercial results of the project.

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 40% 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 200,000 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 signed and controlled by an authorised auditor. 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


Form for status and final reporting
Instructions for cost accounting and auditing
Cost accounting form