What does RICF mean in FUNDS

The Reducing Inequalities Contingency Fund (RICF) is a grant from the World Bank that provides emergency financial support for countries that are facing an inequality crisis. The funds are used to help tackle the challenge of reducing systemic inequalities in income and wealth, access to healthcare and education, and other disparities. It is part of the World Bank’s commitment to promoting shared prosperity and equity for all.

The RICF is available to lower-middle-income countries that have applied to the World Bank but are unable to receive traditional loans due to their high levels of economic or social inequality. Applications can be submitted by country governments or accredited civil society organization (such as NGOs).

The amount of funding provided through the RICF varies depending on need. Generally, individual grants range from $500,000-$5 million USD per approved project.

Grant funds are awarded for projects related to reducing disparities in income and wealth, access to healthcare and education, environmental sustainability, human rights, governance issues, access to technology, and other forms of inequality. Proposals must demonstrate clear objectives related to improving equity or social justice outcomes for disadvantaged groups within a country or region.

All applications must be submitted online via our website at www.worldbank.org/ricf. Further details about eligibility criteria and how to apply can also be found on this page.

Before submitting an application online, applicants should prepare relevant documents such as a project narrative outlining how funds will be used in order to meet specific objectives; detailed budget plans; evidence of institutional capacity; relevant policies, laws or regulations; agreements with partners; and any additional documents deemed necessary by World Bank officials.

After applications have been received by our team they are reviewed by multiple internal committees before being approved or denied. This process generally takes around eight weeks from submission date until a formal decision has been reached regarding an applicant’s eligibility status.

: If your initial application has been rejected you may submit a request within five days asking us for additional information regarding why your proposal was not accepted.. Our team will make every effort possible to provide you with detailed feedback concerning your eligibility status within two weeks of receipt of your inquiry.

: Yes - All accepted applicants are required to provide regular updates throughout their funded project in order ensure funds have been spent accordingly with agreed objectives.

: As part of our agreement all recipients are required submit reports detailing progress made against stated goalsas well as expenditure breakdowns following completion their funded activity.

: No – we do not offer any formof specialized training assistance at this time . However applicants may look into sourcing external training services whichmay benefit their proposedproject activity.