The project company is established
The payment can start once IFU’s board or IFU’s investment committee has approved the project, the investment agreements have been furnished with a signature, and the payment terms agreed upon have been fulfilled. The payment terms include a so-called Legal Opinion of a lawyer in the host country. The purpose is to ensure that the project company holds all the necessary licences or that it will be able to obtain them. If not all licences are in place before the payments are required, IFU will make an individual assessment as to whether a payment can be made anyway, for instance if IFU has experience from other projects in that country.