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  3. Monitoring
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  5. Funding Disbursement
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  7. Industry Support Programme

Monitoring

Project Monitoring Process

On-site Inspection

Progress and Final Report

Funding Disbursement

Enterprise Support Programme

Auditing Practices

Financial Audit

Quantity Audit

Industry Support Programme

Funding support under the Industry Support Programme (ISP) may cover up to 100% of approved total estimated project cost, which is the total expenditure incurred by the applicant in carrying out the project including the cash contribution from the applicant, depending on the merits of the case.  The amount of funding will be capped at HK$15 million per project.

The arrangement for the disbursement of funds to applicants can be determined and agreed upon before signing the funding agreement and will typically follow the procedures below –

  1. The upfront payment (up to 30% of the estimated grant) will be disbursed upon signing of the funding agreement, opening of the project account and / or production of evidence showing the availability of at least 50% of the total cash contribution (if applicable, such as when the estimated project cost exceeds the estimated grant);
  2. For projects with duration exceeding 18 months, up to 65% of the estimated grant to be disbursed every 12 months and subject to the completion of proposed project deliverables and performance targets (except the final one), schedule of payment and acceptance of the progress reports and the yearly audited account statements at the intervals of 12 months after project commencement.  For projects with a shorter duration or with shorter milestones, the RFAC will advise on whether a shorter disbursement interval would be appropriate on a case-by-case basis;
  3. The amount of the proposed Interim Payment shall normally be up to 100% of the expenditure item(s) projected to be incurred in the Approved Budget for the coming year following the date when the Interim Payment is sought to be paid, or such other lesser amount at the discretion of the Secretariat having regard to the nature of the Project, and progress schedule and commitment of the applicant (including but not limited to the Project Deliverables) as set out in the Approved Project Proposal by the applicant and whether the projected expenditure departs from the budgeted amount of the expenditure item in the Approved Budget;
  4. Interim fund disbursement of every 6-month could also be made to the applicants provided that necessary progress report(s) and annual audited accounts are submitted and accepted by the Secretariat and RFAC as stipulated in Guide to Application for the Recycling Fund (ISP) ;
  5. Final payment will be made to the applicant after satisfactorily completing all project deliverables and achievement of performance targets by the end of the project and acceptance of the final report and final audited account statement by the RFAC / Government.  The actual amount of final payment will be proposed by the Secretariat for endorsement of RFAC, having regard to the actual project cost and income both as audited in the final audited account and the balance of the grant.
Programme Industry Support Progamme (ISP)

Upfront payment

 

Up to 30% of the Approved Maximum Funding Amount

– Upon signing of the funding agreement, opening of the project account and / or production of evidence showing the availability of at least 50% of the total cash contribution (if applicable, such as when the estimated project cost exceeds the estimated grant)

Interim payment(s)

 

Up to 65% of Approved Maximum Funding Amount *

– For projects with duration exceeding 18 months, interim payment(s) may be reimbursed every 12 months^ subject to the completion of proposed project deliverables and performance targets (except the final one), schedule of payment and acceptance of the progress reports and the yearly audited account statements.

Final payment

 

Minimum of 5% of Approved Maximum Funding Amount

– After satisfactorily completing all project deliverables and achievement of performance targets by the end of the project and acceptance of the final report and final audited account statement by the RFAC / Government.

– The actual amount of final payment will be proposed by the Secretariat for endorsement of RFAC.

*For applicant(s) who choose not to receive the upfront payment(s) of the grant, the aggregate amount of the interim payment(s) may be up to 95% of the estimated grant.

^ It is optional for applicant(s) to submit progress report(s) every 6 months and annual audited account (if applicable) in order to receive a more frequent funding payment.