A Joint UNCDF-UNDP Policy to Capital Investment Facility (PCIF)Global Platform to enable blended finance in sub-investment grade market segments. 

Objectives

UNCDF and UNDP, building on their joint Policy-to-Capital framework, have established the Policy to Capital Investment Facility (PCIF) as an innovative, scalable global investment platform structured to unlock the capital required to drive systemic transformation in how development finance flows—from fragmented, donor-driven projects toward coherent, nationally owned, investment-ready systems.

Theory of Change
Countries achieve inclusive, nationally owned financing architectures that translate policy intent into capital flows, delivering accelerated SDG progress, improved livelihoods, and resilient economic systems—particularly for communities in LDCs, SIDS, and fragile, conflict and crisis-affected contexts.

Strategic Framework
PCIF's overarching strategic objective is to catalyze an inclusive, nationally owned transition to sustainable, investment-ready development financing architectures that support crisis recovery, build resilience, accelerate SDG progress, improve livelihoods, create jobs, unlock economic opportunities and foster peace in LDCs, SIDS, and fragile and crisis-affected contexts.

Governance

Board
The Board is responsible for portfolio-level oversight. The Board may, based on evidence from the MEL system, recommend strategic prioritization for future phases.

Window level Steering Committees
A Joint Steering Committee, co-chaired by the relevant UNDP and UNCDF Directorates, provides quarterly governance oversight at the institutional window level. These dedicated committees are responsible for approving country pipeline priorities, allocating institutional roles and responsibilities, and ensuring strategic coherence between UNDP’s policy and upstream engagement functions and UNCDF’s investment origination and deployment activities.

Secretariat
The UNDP-UNCDF managed Secretariat is responsible for the day-to-day management, coordination, and strategic implementation of PCIF. Hosted jointly by UNDP and UNCDF and drawing on relevant UNDP-UNCDF expertise, it ensures operational agility, drives the Facility's investment strategy, supports the Trust Fund Board, and maintains alignment with PCIF's Terms of Reference and objectives.

Participating Organizations
Participating United Nations Organizations develop project and programme proposals, and report on implementation and financial processes and outcomes. Each Participating Organization assumes full programmatic and financial accountability for funds disbursed to it by the Administrative Agent.  

Administrative Agent
Recipient Organizations receive funds through the Administrative Agent, the MPTF Office. The Administrative Agent is responsible for the receipt, administration and management of contributions from donors, disbursement of funds to Recipient Organizations, and consolidation and dissemination of progress reports to donors. 

Projects

A Joint UNCDF-UNDP Policy to Capital Investment Facility (PCIF)Global Platform to enable blended finance in sub-investment grade market segments.

A Joint UNCDF-UNDP Policy to Capital Investment Facility (PCIF)Global Platform to enable blended finance in sub-investment grade market segments. is currently supporting count_projects ongoing projectscount_globalInterregional and count_countries country-specific. This table shows the most recently approved ongoing projects.

All project financial information can be found in the Financials section, including delivery analysis by organization, theme and project; project financial status by country and by theme.

A Joint UNCDF-UNDP Policy to Capital Investment Facility (PCIF)Global Platform to enable blended finance in sub-investment grade market segments.

ContactsPoints of contact