Dual Key

Investing with impact

Dual Key

A multi-factor analysis

that helps determine the

financial visibility and development impact of investments

We target local investments which

drive local value chains

that add value to local economies

David, Jackson, Director, Local Development Finance

Applications open for the International Municipal Investment Fund- Technical Assistance Facility


The dual key is a multi-factor analysis that helps UNCDF answer the question that will determine whether the investment will move ahead to financial disbursement.

The first step of the analysis is the “Technical Key” or “Impact Key”. By using this key, UNCDF determine whether an investment will deliver local impact in the form of local economic development, emergency response, women’s economic empowerment, climate change, food security or any other relevant form, thereby guarantying that the selected project is tailored to the specific goals of the program.

The second step of the analysis is the “Financial Key” that focuses on the financial impact of the projects, evaluating the business model with a range of strategic and financial tools. However, this second key is not only about bankability, but also looks for the financial impacts in the form of sustainability and follow-on investment potential. The Objective of this tool is above all to determine if the project presents a potential to sustain its activities based on its own business model once the investment is done.

The use of the “Dual Key” Approach has been instrumental in the Least Developed Countries, and other countries in need, to build stable and resilient local economies and by leveraging a range of technical expertise and investment instruments to reduce and limit economic and social hardship for poor communities. The Dual Key System systematically 1) identifies and encourages productive and catalytic investments; 2) Strengthens investments to make them bankable and investment ready; 3) Unlocks access to domestic and international finance for SMEs and revenue generating investments, which have a transformative and measurable impact on the local economy.

Our Services

Capacity Strenghtening
Capacity to local governments to promote local economic development, Local Economic response and Recovery, economic analysis, planning, capital investments; Capacity to enterprises on business plan development, financial modeling and other tools.

National Platforms & Mechanisms

Development and testing of national platforms & mechanisms for local government finance and local economic development finance,including local development funds,municipal bonds, guarantee schemes, technical assistance facilities, financing networks.

Enabling Environment

Policy, legislative and regulatory support to promote local economic development and recovery, private sector development, including technical assistance and advocacy.

Pipeline of Revenue Generating Investments
Development of pipeline of revenue generating investments in catalytic sectors that drive local value chains and add value to local economies and proof of concepts to market regulators, domestic finance institutions,commercial banks, international financiers.

Dual Key Investment Process

The dual key means that both a financial key and an impact key are necessary to unlock the door: We support Local Partners to source investments, undertake full due diligence, structure the investments, assess the development impact and the financial impact additionality.​

Thematic Instruments

  • Food Security

  • Women's Economic Empowerment

  • Climate Change Adaptation

  • Municipal Finance




Our Latest Video

In Focus

Dual Key by the Numbers

News and Media

Contact Us

Mohammad Abbadi
Senior Investment Manager
Local Development Finance

Leyla Cuevas Lopez
Public and Private Investments
Portfolio Analyst
Local Development Finance

Amadou Sy
Communication and Results
Local Development Finance

Email Us

Our Contributors

Stay Connected