News article

South Korea Prosperity Fund Call for Project Bids

The British Embassy Seoul is inviting project bids for the South Korea Prosperity Fund by 10 June 2016.

The British Embassy Seoul is inviting project bids for the South Korea Prosperity Fund by 10 June 2016.

Overview of the Prosperity Fund

The 2015 Strategic Defence and Security Review (PDF, 1.34MB, 96 pages) announced a £1.3bn Prosperity Fund over the next 5 years to promote the economic reform and development needed for growth in partner countries. Our priorities will include improving the business climate, competitiveness and operation of markets, energy and financial sector reform, and increasing the ability of partner countries to tackle corruption.

Much of the Prosperity Fund will involve multi-year programmes. However, at this stage we are seeking projects to be completed by March 2017. As part of the first year of the Fund, initial competitive bidding processes will be administered in a number of countries for project initiatives, where organisations are invited to submit bids to embassies and high commissions for individual projects in support of Fund objectives.

South Korea Prosperity Fund Objectives

In South Korea, our bidding process invites bids in the following areas for consideration for funding:

Business Environment

Projects that positively contribute to the business environment or remove constraints to growth:

  • Anti corruption and transparency
  • Better regulation, including financial regulation
  • Promoting British Standards
  • Channels to market

Sectors

Projects that support UK-Korea collaboration (nationally or regionally) in:

  • Fintech
  • Health - including healthcare Big Data and ageing
  • Innovation – including 5G, Big Data, Internet of Things, digital, automotive engineering, space, smart cities and research commercialisation
  • Legal services and English law
  • Low carbon energy, energy efficiency and renewables – including offshore wind, energy efficient transportation
  • Marine
  • Nuclear decommissioning
  • Oil and gas

Eligibility

  • Bids will be accepted for projects with a value of up to £100,000 and all will be rigorously scrutinised to ensure value for money and impact. Modular projects are welcome. It will be important to demonstrate mechanisms to monitor and evaluate outcomes.
  • The Prosperity Fund is not an appropriate source of funding for small isolated activities. Proposals focusing purely on research, analysis, seminars or workshops will not be relevant unless they lead to specific and measurable actions.
  • Co-funding is not required but encouraged either in kind or in cash.

How to apply

Organisations looking to submit a bid are strongly encouraged to talk to the British Embassy Seoul at an early stage to discuss whether the proposal fits programme objectives and requirements. Please email ProsperityFund.Korea@fco.gov.uk.

Please make sure that you are familiar with the Guidance for Potential Implementers (PDF, 343KB, 11 pages) and also the Standard Grant Contract (PDF, 233KB, 14 pages) before applying. Implementers please note that South Korea is not ODA-eligible. For 2016/17 South Korea will be receiving non-ODA funding.

To apply, please download, complete and send:

  1. Project full bid form (MS Word Document, 211KB) (please note that Project Concept Forms are not used in the South Korea bidding round)
  2. Activity Based Budget (ABB) Template (MS Excel Spreadsheet, 52.5KB)

Please ensure you include a signature and the printed name and title of the person submitting the form. An electronic signature will be accepted.

All proposals should be submitted in English by email with the title “South Korea Prosperity Fund 2016: Your Name – Your Project Title” to ProsperityFund.Korea@fco.gov.uk. If you have further enquires that are not answered, the please contact to the email address above.

Timeline

The following are the key dates and deadlines for the bidding round process:

  • 10 June 2016 – deadline for project bids
  • Week commencing 27 June 2016 - notification of results to bidders
  • Early/mid July - contracts will be signed with successful project implementers and projects can start
  • All projects must be finalised by 15 March 2017