Fund for Advancing Sustainability
What is FASTF?
Established in January 2022, the FASTF’s objective is to enhance development impacts of MIGA projects and mitigate their risks by delivering direct technical assistance through third party service providers, and through technical assistance grants. FASTF is currently funded by contributions from the Republic of Korea.
What does it do?
Depending upon the nature of the activity, MIGA can either utilize FASTF to provide direct technical assistance and capacity building through third party service providers, or issue grants to recipients to enable them to undertake the technical activities themselves. FASTF provides solutions on the following themes:
Expanding and executing initiatives for climate adaptation, resilience and benefits
FASTF can be deployed to provide support to clearly delineate climate benefits as well as identify and mitigate any climate risks in relation to existing or potential MIGA projects.
Enabling gender-related risk mitigation and scaling opportunities to close gender gaps
The FASTF can be used to provide support for the closing of gaps identified by any gender gap assessments, and in developing mitigation measures to prevent and respond to GBV risks. Some examples of support include: (a) assessment of client operations and support for interventions safeguarding against risks of sexual harassment, sexual exploitation, abuse and violence; and (b) supporting women-owned businesses, promoting decision-making and empowerment for women through livelihoods and health, expanding employment opportunities for women in the project, and increasing access to goods, services and contracts for women.
Environmental and social aspects, and ‘Performance Standards’ compliance
During the underwriting process, MIGA identifies the environmental and social policies and requirements that are applicable to a project. The FASTF can be deployed to promote adherence to these requirements through the provision of technical assistance, capacity building and grants.
Enhancing Corporate Governance and Legal Capacity Building
The FASTF can be used to provide support for enhancing corporate governance, integrity reporting, financial management and credit worthiness, transparency and accountability, and legal capacity building in project stakeholders.
Enhancing management expertise to operate in fragile environments
The FASTF may be deployed to support clients and stakeholders in enhancing their management expertise to operate in fragile environments by addressing their unique context and issues.
How is it used?
The use of FASTF, and the modalities of its use (i.e., direct technical assistance and capacity building, or grants to clients and project stakeholders) will be mutually agreed between MIGA and its client and/or the entity receiving the support. MIGA may use the FASTF to support projects that are in the process of underwriting, or those that are already a part of its portfolio.