Sustainable Developmet Goal Fund – Private Sector Development
Recognizing the critical importance of the private sector in driving sustainable development, the Ministry for Foreign Affairs established the Sustainable Development Goal Fund in 2018.
Against the overall ambition of the UN Sustainable Development Goals (SDGs), the objective of the Fund is to encourage the Icelandic private sector to collaborate with partners in developing countries, and to work together to make a positive and lasting contribution to poverty reduction, job creation, and sustainable growth. Applications to the Fund must demonstrate clear linkages to one or more of the Sustainable Development Goals.
Eligible to apply for funding from the Sustainable Development Goal Fund are:
- Privately held companies
- Private and publicly listed limited liability corporations
- Partnerships and cooperatives
- Private foundations
The projects must be conducted in collaboration with private sector partners in a chosen developing country. Other partners, such as universities and civil society organizations, can also take part in the project.
Projects should be linked to the company’s core activities. The evaluation process looks at the company’s overall knowledge and capacity, quality of technical solutions, competence, and financial capabilities to undertake transnational projects.
Applicants must meet certain basic requirements, such as payment of public fees and pensions. Further, it is expected that applying businesses have endorsed good business practices, for example through membership of the UN Global Compact, or in relation to other international benchmarks, such as the UN Guiding Principles on Business and Human Rights and the OECD Guidelines for Multinational Enterprises.
Eligible collaborating countries range from least developed to lower middle-income countries as per OECD’s definition.