Generally, the proposal approval process can take about five weeks. (See important note)
The draft of the Donors Memorandum is circulated to various IDB committees to gather feedback on how to improve the project and to make sure that it is aligned with Bank policies, as all MIF projects must be. These committees include the Bank’s Committee on Environmental and Social Impact, among others, and are meant to ensure that the project is well designed and in tune with other activities of the IDB Group.
Finally, the project team incorporates the comments made by the various Bank committees into the final version of the memorandum. Before the project team presents the final proposal at the Donors Committee meeting, the Committee members need approximately 12 business days to review the proposal, ask any questions and make their final decision. Then, at the meeting, Donors give their final stamp of approval for the project—except for projects receiving less than $500,000 in MIF financing which are approved using MIF’s short procedure and don’t have to be formally included in these proceedings.
For projects falling under MIF’s Delegation of Authority Program —those that receive $150,000 or less in MIF grant financing—approval comes directly from the appropriate IDB/MIF country office with the corresponding “go ahead” from MIF headquarters. These types of projects are called mini-mifs.
The other IDB committees involved in the project approval process and estimated amounts of time for their work are:
- The Managerial Review Committee (MRC), which can convene in person or virtually to make their recommendations, a process requiring about five business days.
- The Office of the Executive Vice President (EVP), which makes its recommendations in approximately three business days.
- The Office of the Secretary (SEC), which takes about three business days to finish the translation and distribute the document to the members of the Donors Committee for their approval.
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