07 April 2022 -  MasterClass for Municipal Executives 

INCA Capacity Building Fund (ICBF) hosted a successful MasterClass for Municipal Executives to introduce Municipal Managers and CFO's of local and district municipalities in the Western Cape to a Long Term Financial Model (LTFM) developed by INCA Portfolio Managers.  This online, web enabled platform underpins a municipality's Long Term Financial Strategy and will enable the municipality to quantify key policy choices and the impact of changes in the external environment on the financial sustainability of the municipality.

Should you be interested in obtaining more information please contact                             or 

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05 August 2021 -  Overstrand Local Municipality 

Overstrand Local Municipality has appointed IPM to review and update its LTFP, to serve as input for their 2021/22 budget process.

05 August 2021 -  Mossel Bay Local Municipality 

IPM is excited to be appointed as the preferred bidder to develop a Long Term Financial Plan and Financial Planning Tool for Mossel Bay.  This follows on from the LTFP for Hessequa Local Municipality, that IPM completed at the beginning of the year.  IPM has now done Long Term Financial Plans for all but one municipality (Kanneland) in the Garde Route District Municipality.


15 July 2021 - INCA Municipal Debt Fund 

IPM, along with its cooperating partners,AFD and SECO, today officially launched the IMDF by way of a Webinar.  The video below is an executive summary of this new initiative.  If you have any questions or queries please contact:


02 July 2021 - IPM to host Free Webinar on Thursday, 15 July, 11h00

"A uniquely structured municipal debt fund initiated by the private sector".
At a time when the national fiscus is under pressure and municipalities are facing increased challenges to maintain and upgrade infrastructure services, INCA Portfolio Managers is launching a new municipal infrastructure fund. This fund blends local and international funding from development finance institutions such as AFD and SECO to provide an additional financing option to municipalities and local investors alike.  
Please join us for an engaging panel discussion hosted by well-known financial journalist and host of Money Show on 702 and Cape Talk, Bruce Whitfield.

If you are interested in attending this webinar and wish to be added to the invitation list, please contact 


29 May 2021 -   Media Statement
















Agence Française de Développement (AFD), INCA Portfolio Managers (IPM) and the Swiss State Secretariate of Economic Affairs (SECO) established the INCA Municipal Debt Fund, to finance municipal infrastructure in South Africa.


Agence Drançaise de Développement (AFD), INCA Portfolio Managers (IPM) and the Swiss State Secretariat of Economic Affairs (SECO) met in Pretoria today to sign a financial agreement whereby AFD commits the first R500 million to  the SPV INCA Municipal Debt Fund (IMDF), represented by INCA Portfolio Managers (IPM) as Managing Agent.  


In the context of increasing tension in the municipal fiscal environment, where  challenges for investment in infrastructures and services delivery rely on  municipalities, the project aims to fill a market gap, enabling secondary municipalities with good credit quality to access financial resources. In response to the National Treasury’s expectations towards development banks to fulfill their subsidiary mandate and have a leverage effect on private finance, the project will catalyze the participation of local private investors absent from the secondary municipalities’ financing segment.


The project aims at acting on both the supply and demand sides to facilitate secondary municipalities’ access to financing to fulfil their investment needs, and to support them to build their strategic long-term investment plans.   


On the supply side, AFD is giving a market signal by providing a loan of R500 million (about €30 million) to the SPV. In addition, investors, including AFD, benefit from a guarantee on first losses, financed by SECO, covering 5% of the amounts committed. The objective of IPM, manager of the IMDF, is to raise nearly R1500 million (€85 million) in the first fund raising window.


On the demand side, the project supports the technical assistance fund INCA Capacity Building Fund (ICBF, created in 1998). The fund will be recapitalised by a grant from SECO of around €2 million and supplemented by the comparative financial advantage of the AFD loan. This fund will finance IPM's recognised expertise in municipal public finance analysis and long-term financial strategy, in order to provide technical assistance and strengthen the capacities of these municipalities.


Main Outcomes


The project has two main objectives: (i) to improve the supply of urban infrastructure in intermediate cities through a responsible investment policy, with priority given to essential urban services, and (ii) to contribute to the diversification of the municipal finance sector by creating a new window and mobilising long-term financing from institutional investors.


The fund will bridge the gap between municipalities (with their need for external funding) and pension funds, and/or institutional investors looking for investments that will deliver long-term annuity income.


What contribution can this initiative make to bring about positive change?

The initiative will contribute to generate a leverage effect on the financial markets, and allow the mobilisation of private sector funding to fill the gap for investment needs in secondary municipalities. The grant component for providing technical assistance will lead to the betterment of financial modelling planning and decision making focusing on long term sustainable investments.

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