Funds will generally be disbursed in two or three instalments, according to the cashflow projection as stipulated in the approved project proposal. The first instalment would be disbursed upon signing of the Project Agreement.

Subsequent instalment(s) will be disbursed upon acceptance of the progress report(s) and audited accounts. The number of fund instalments and the date of submission of the progress report(s) and audited accounts will be clearly specified in the Project Agreement.