Expression of Interest for Feasibility and Business Planning Study Multi-Originator Global Debt Fund for Smallholder Farmers Agriculture underpins global food security, economic growth, and poverty reduction, yet faces a US$200 billion annual financing gap, including US$170 billion for smallholder farmers. It is estimated that 500 million smallholder farmers produce most of the worlds food, yet many remain in poverty, relying on traditional methods and lacking access to markets, finance, and technology. Supporting them to become commercially successful is critical to creating jobs, reducing poverty, and improving global food security. At the World Bank Group (WBG) Annual Meetings in October 2025, the WBG launched Agri Connect, a new initiative to transform small-scale farming into an engine of sustainable growth, jobs, and food security at scale. The ecosystem approach is to move WBG beyond fragmented efforts to a constellation of solutions that include everything from warehousing to logistics to production, but with smallholder farmers and producer organizations at the center. Agri Connect aims to support 300 million smallholder farmers to move up the value chain, from growing food to growing businesses. To help bridge this gap, IFC is exploring the establishment of a global multi-originator structured debt fund to increase access to short- and medium-term financing for smallholder farmers and rural households. The Facility will channel funding through a network of financial and non-financial intermediaries such as NBFIs, MFIs, cooperatives, rural banks, Ag-techs, and agribusiness platforms. The envisaged target fund size is US$1 billion, to be raised progressively in alignment with market conditions. IFC along with other partner institutions may consider anchoring the fund through investments from their own accounts and blended finance resources. Proposed Fund Structure (to be finalized based on outcome of the feasibility study): Tranche Share Investor Class Senior Debt XX% Pension Funds, Insurance Companies, Family Offices Mezzanine XX% DFIs and Impact Investors Equity XX% Donor Institutions The Fund aims to strengthen the provision of responsible financial services to underserved smallholder farmers and rural households, emphasizing technology-enabled solutions, gender inclusion, productivity, and value chain integration. 2. Objective IFC is seeking to contract a firm that will help IFC to develop and implement the Flagship Multi-Originator Debt Fund for Smallholder Farmers through multiple activities ranging from Feasibility and Business Planning, Capital Structure and Fundraising and Fund Operationalization, all contracted under three separate phases. This assignment covers Phase 1 of the development processa comprehensive feasibility and business planning study that will inform the design, structure, and market positioning of the proposed Fund. The selected firm will assess the market appetite for an agri-finance debt vehicle, identify potential Fund managers/ Investment Advisors, and develop a detailed business plan and financial model that will serve as the foundation for subsequent implementation of the Fund. This procurement will involve a single competitive selection process covering all three phases of the terms of reference; however, this contract will be limited to Phase I only. The implementation of Phases II and III will be contingent upon the satisfactory completion and outcomes of Phase I, and IFC reserves the right not to pursue Phases II and III at its discretion. IFC further reserves the right to undertake separate competitive selection processes for these subsequent phases. 3. Scope of Work (Phase I) The Consultants responsibilities under this study will include, but not limited to, the following: · A. Feasibility Assessment Assess the current landscape of agri-finance demand and supply, identifying the financing needs of smallholder farmers and agribusiness intermediaries. Analyze investor appetite for agri-finance debt instruments across DFIs, impact investors, pension funds, insurance companies, and philanthropic organizations. Map potential Investment Advisors (IAs) with proven experience in agricultural or rural finance who could deploy assets under the Fund. Review comparable fund structures and benchmark similar vehicles to identify lessons learned and best practices. · B. Fund Design and Business Planning Develop a comprehensive business plan for the Fund, including the Funds objectives, investment strategy, target markets, and governance structure. Prepare a detailed financial model covering Fund capitalization, tranching structure, risk-return allocation, and indicative financial projections. Propose appropriate fund governance and management structures, outlining the roles and responsibilities of the Alternative Investment Fund Manager (AIFM), Investment Advisors, and Fund Board. Based on demonstrated competencies and subject to stakeholder approval, the Consultant may be considered for appointment as the AIFM of the Fund. Advise on potential legal and regulatory structures, identifying the most suitable jurisdiction for fund establishment (e.g., Luxembourg, Mauritius, Delaware or other financial centers). · C. Investor Engagement and Market Sounding Prepare investor engagement materials summarizing the Funds objectives, strategy, and value proposition. Conduct structured consultations with prospective investorsincluding DFIs, impact funds, and commercial investorsto gauge interest and gather feedback. Produce a Feasibility and Investor Feedback Report summarizing findings, investor appetite, and recommendations for fund structuring, tranching, and capital mobilization strategies. 4. Phased Approach The Multi-Originator Debt Fund for Smallholder Farmers will be implemented in three distinct phases, with this assignment focused on Phase I: · Phase I Feasibility and Business Planning (This Study) Assess market appetite, identify Investment Advisors, develop the Funds business plan and model, engage potential investors, and produce a feasibility report including recommendations on structure and jurisdiction. · Phase II Capital Structuring and Fundraising Implement the approved business plan, secure first-loss commitments from donors, mobilize mezzanine and senior investor commitments for the Fund, finalize legal documentation toward first close and launch the Fund. · Phase III Fund Operationalization Upon Fund launch, the selected firm - AIFM (if applicable) may assume management responsibilities of the Fund, oversee investment activities, ensure full compliance with regulations and impact delivery of the Fund as agreed with the fund investors and governance framework. 5. Qualifications and Experience The firm must meet the following criteria: - Demonstrated experience in managing multi-investor, multi-tranche debt vehicles. Proven track record in fund structuring, compliance, and reporting. - Experience in agriculture, rural finance, and impact investing (preferred). - Familiarity with DFI/Donor-funded blended finance structures and impact requirements. 6. Deliverables and Timeline Deliverable Indicative Timeline Inception Report & Work Plan three weeks from contract signing Draft Feasibility Assessment Within two months from inception report Draft Business Plan and Financial Model Within three months from inception report Investor Feedback Report Within four months from inception report Final Feasibility and Business Planning Report Within five months from inception report 7. Budget The total budget for all three phases will be $200,000, and this contract will cover work done under Phase 1 only. Contracts for subsequent phases will be issued as the work progresses and will be within the total budget of $200,000. The financial proposal must include itemized costs for each phase. Tender Link : https://wbgeprocure-rfxnow.worldbank.org/rfxnow/public/advertisement/6553/view.html
