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November 2024 - ICBF hosts another successful Summer School 2024

The ICBF, along with its partners SECO (State Secretariat for Economic Affairs) and AFD (Agence Francaise de Developpement) held its 17th Summer School from the 5th to the 7th of February in Sandton.  The Summer School, which was attended by over 30 Municipal Managers and Chief Financial Officers from around the country, covered key topics such as Service Delivery Challenges & Stakeholder partnerships, Executive Leadership, Financial Sustainability and New Approaches to Urban Development (Land Value Capture). 

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September 2023 - Seminar on Long-Term Financial Strategies & Models

INCA Portfolio Managers hosted the Gauteng Provincial Treasury department at a one day seminar on Long Term Financial Strategies and Long Term Financial Modelling for municipalities.

The seminar concluded that municipalities should use integrated models to quantify policy choices and the financial impact of changes in the external environment.

IPM is currently the leading service provider in this field.

January 2023 -Municipal Finance & Accounting Handbook

The update of the bespoked Municipal Finance and Accounting Handbook, the fourth edition, is now available.  This update which was undertaken by one of the principal authors, Mare-Lise Fourie, was completed at the end of 2022 and has just been published.  The handbook and the updates since the first edition in 2007 were made possible by the INCA Capacity Building Fund as part of its support to extend the financial understanding and capacity in the municipal sector.

This publication, which is prescribed by a number of universities, is the only work of its kind and provides an all inclusive point of reference for municipal finance and other practitioners.

For further information on how to purchase a copy please contact 


21 - 23 November 2022 - ICBF Summer School 

INCA Capacity Building Fund (ICBF) held its 16th Local Government Summer School from the 21st to the 23rd November 2022 in Pretoria, which was attended by Municipal Managers and Chief Financial Officers of local municipalities from around the country.  This prestigous event, which was sponsored by State Secretariat for Economic Affairs (SECO), covered critical topics such as Political Governance in a Coalition Environment, Water & Sanitation, Electricity and Data Management.  IPM, along with its two partners in ICBF - SECO and AFD (Agence Francaise de Developpement) are proud to have hosted this successful event.

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 

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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