To distribute credit in Madagascar, the DECIM Fund has partnered with BRED Madagasikara Banque Populaire as the authorized financial partner. All DECIM Fund loans will be issued through BRED Madagasikara BP in compliance with national banking regulations.

There is no defined minimum amount. The maximum loan amount is USD 2,500,000. However, the actual amount granted will depend on financial data provided and assessed during the review process.

Applications will be handled by one of our investment analysts. If you’ve already been in contact with one (even for a grant), you may contact them directly. Otherwise, please send your application to: fonds.decim@bamboocp.com

Funded Activities

Yes, it is possible to combine several types of financing, but a separate application must be submitted for each proposal.

The DECIM Fund will operate over a 4-year period (2024–2028).

The DECIM Fund provides financing across all regions of Madagascar.

An Independent Verification Agent (IVA) will be in charge of monitoring field indicators.

No, only companies incorporated under Malagasy law are eligible.

All grants from the DECIM Fund will be disbursed in MGA at the equivalent value of the grant amount in USD. Any exchange fees and conversion commissions will be borne by the beneficiary.

No. However, the startup grant is intended to support the launch phase of distribution projects, and the DECIM Fund recommends using the startup funds within twelve months of the request.

Refurbished products are eligible for the F4S grant if original manufacturer parts are used and if the principle of “no double funding” is respected — meaning a product that has already received an F4S grant cannot receive another grant after refurbishment. Refurbished products are not eligible for QS and PAYGO grants.

Yes. The eligibility criteria, including for the geographic bonus, may evolve depending on market dynamics and the country’s socio-economic context.

No. Receiving funding from the DECIM Fund requires a formal application. However, due to the existing relationship with OMDF, a simplified application process may be considered.

No. The base RBF grants (QS + PAYGO) and the geographic premium are donations
provided in return for verified distributions.
As for the start-up grant, since it is a prepayment of the base grant and the geographic
premium to allow companies to purchase SHS product stocks, it must be gradually offset
through progressive deductions from subsequent RBF disbursements.
If, at the closing date of the RBF – SHS Facility, the start-up grant has not been fully offset, it will have to be reimbursed.

No, products must be new and come with a warranty and adequate after-sales service.

If the USD 20 million envelope proves insufficient, an increase could be considered

Unlike OMDF, no price-setting criteria have been imposed. Companies are free to set their sales prices without DECIM Fund intervention.

It is still too early to define a concrete phasing-out mechanism. The current objective is to
demonstrate the DECIM fund’s effectiveness and potentially secure additional financing to continue supporting the sector beyond the current timeframe. It will also depend on how the market reacts and on sales and disbursement trends before defining a continuity or phasing-out mechanism. Based on our experience, the most effective approach is to
communicate in advance when the program will end and when funds will be depleted, and to motivate companies through clear and transparent communication to prepare for the end of the support provided by the DECIM Fund.

The company must update the relevant annex in the contract. If eligibility criteria are met, the product may be added.

The criteria are based on historical distributions under the OMDF fund and on previously
granted subsidy levels.

From November 28, 2025, a continuous submission period will open, during which we may receive additional applications, within the USD 20 million envelope.
It should be noted that 75% of this envelope is allocated to reserved grants; the remaining
25% will be accessible to other applicants once the initial commitments are met.

No, it is not an eligibility criterion. It is an evaluation criterion. This allows new players, without significant experience in SHS product distribution, to apply if they wish to develop this activity.

Yes. New entrants are eligible, even without prior experience. However, their status will be taken into account during the evaluation of proposals.

The warranties offered must comply with those recommended by the manufacturers and/or suppliers of the products.
For PAYGO-financed products, the warranty must cover the entire financing period.

The technical specifications are detailed in the presentation material of the technical
workshop of 20/08/2024, available on the Odyssey platform and on the DECIM Fund website. They are also available in the Window 1 documentation on Odyssey.

Products must have a minimum capacity of 25 Wh and 12 Wp. Other capacities can be
proposed as long as this minimum threshold is respected.

Products must meet both criteria: a minimum capacity of 25 Wh and 12 Wp.

To optimize the processing of your application, a complete file is required.
We invite you to be as explicit as possible when filling out the application documents and
to submit all supporting documents you consider useful to strengthen your application.

Applicants must be Malagasy companies or Malagasy subsidiaries of foreign companies.

The company may submit its application. However, if its application is approved by the
DECIM Fund investment committee, the incorporation of the company in Madagascar must be finalized before the contract is signed.

Submission must be done exclusively through the Odyssey platform.

Any Category 1 or 2 product eligible for DECIM Fund subsidies distributed after June 30,
2024, is eligible for DECIM financing, provided it has not already received an OMDF Fund subsidy. This rule also applies to the PAYGO component.

The verification process has not yet been defined. It will depend on the recruitment of the
Independent Verification Agent (IVA) by the government. Companies will be informed as
soon as there is more visibility on the recruitment of the IVA and the modalities for verifying the relevant distributions. The objective is to automate this process as much as possible.

No final decision has been made on this matter. The offset could occur during
disbursements related to distributions financed under OMDF, subject to verification results.

No date is confirmed for now, but the objective is to launch it as soon as possible.

Yes, a technical workshop will be organized to present the specifics of Window 2 and answer questions from interested companies.

No. This is the envelope allocated only to Window 1. Additional financing will be allocated to new windows

Companies are not obliged to make only PAYGO sales; they can also make cash sales. In that case, they would benefit from the QS subsidy. If companies wish to obtain the PAYGO subsidy, then they must distribute the products with the PAYGO model.

When applying for a subsidy, companies must submit a distribution plan detailing their
distribution objectives for the Window 1 period. The DECIM Fund will assess the relevance and realism of this plan and may adjust it if necessary.
Once the distribution plan is finalized, the amount of the reserved subsidy will be
determined, with a maximum of USD 4 million per beneficiary. The reserved subsidy
amount is calculated based on the subsidies related to distribution objectives over the two years following the contract signing. It cannot be allocated to another company during the duration of your contract.Furthermore, note that 75% of the initial USD 20 million budget is allocated to reserved subsidies; the remaining 25% will be accessible to other applicants once the first commitments are reached.

A document check will be carried out by the Fund Manager based on supporting purchase documents (invoices, purchase orders, etc.). The final list of documents required for this verification is being finalized. Milestones could also be set up depending on each company’s specific situation

Here is the list of the 10 regions eligible for the premium: Amoron’i Mania, Anosy, Androy, Atsimo Atsinanana, Atsimo Andrefana, Ihorombe, Melaky, Sava, Sofia, and Vakinankaratra.

Subsidies are calculated in US dollars (USD) and paid in Malagasy ariary (MGA) at the
prevailing exchange rate.

DECIM Fund credit lines can range between USD 50,000 and USD 2,500,000 per company

If you are interested in the credit lines, please send an email to:
fonds.decim@bamboocp.com. The DECIM Fund team will be happy to provide the
necessary clarifications and send you the submission documents.

The last installment must be repaid no later than 31/12/2027.

Bred Madagasikara BP will provide its expertise in granting loans and will be the main
disbursement channel of the DECIM Fund. In addition, under the partnership, the DECIM Fund and its beneficiaries commit to complying with BRED’s compliance rules to ensure the security of financial operations