EEP Africa once again received a high volume of applications under the annual Call for Proposals. A total of 494 expressions of interest (EoIs) were submitted, of which 74% were deemed eligible for funding based on the Application Guidelines. The total requested financing from these applicants amounted to just below EUR 160 million.
As in previous years, more than half of the applications received came from East Africa, with 25% of eligible EoIs from companies in Kenya, followed by Uganda, Zambia, Zimbabwe and Tanzania. Eleven applications came from Madagascar, which was exciting since this is the first year companies in Madagascar have been eligible for funding.
A majority of the applicants proposed to pilot an innovative technology or business model, consistent with the early-stage focus of the fund. Over half of the eligible projects were under the theme of circular economy and productive uses of energy, and 64% of aspiring grantees have planned to use solar as their primary source of renewable energy.
After an eligibility screening and a thorough review of all submitted EOIs, the applications have been narrowed down to a list of 80 longlisted applicants. These longlisted applicants have been invited to a pitch interview, where they will get a chance to present and discuss their project with a panel of evaluators. Following the interviews, a shortlist of applicants will be invited to submit a full proposal. The shortlisted applicants will be informed by the beginning of July, and they will have until mid-August 2024 to finalise their full proposals. Final decisions will be announced in early October 2024, following the EEP Africa Investment Committee meeting.
EEP Africa wants to thank all the companies that applied for funding during this round. If your application did not make it to the next stage this time, we encourage you to keep building your business and try again next year.
More information about the 2024 Call for Proposals and the application process.