The BIOFIN journey requires several prerequisites:
Additional principles that should be pursued:
- User orientation: The BIOFIN Process and results are designed primarily for the intended users’ own convenience.
- Evidence-driven: The selection, design and implementation of finance solutions are based on sound evidence.
- Inclusiveness: Prioritization and decision-making are informed by in-depth consultation with a wide group of stakeholders and facilitated by a strong focus on capacity development.
- Leaving no one behind: The needs of the poorest and most vulnerable members of the society are carefully considered, with solutions that help to alleviate poverty
- Gender-sensitive: Potential impacts are analysed from a gender perspective.
- Openness and transparency of data: Disclosure of expenditure and investment data leads to efficiency and effectiveness gains and can enhance citizens’ participation. BIOFIN and UNDP fully respect the rights of privacy, confidentiality clauses and sovereignty of public data.