Terms of Reference – FAST Financial Modelling Training

1.   About AECF

The Africa Enterprise Challenge Fund (AECF) is a pan-African development institution headquartered in Kenya, with operations across sub-Saharan Africa. AECF finances early- and growth-stage businesses to innovate, create jobs and expand access to products, services and markets that build resilience and sustainable incomes in rural and marginalized communities. Since 2008, AECF has invested more than USD 300 million in almost 700 businesses, principally across agribusiness, renewable energy and climate-smart technologies.

2.  Background and Rationale

AECF Capital is building the organization’s capacity to deploy and manage catalytic, repayable capital alongside AECF’s grant programs. Its investment work requires robust financial models that can be readily understood, challenged and adapted by different users across investment, finance and program teams.

AECF Capital is therefore adopting the FAST Standard as its common financial-modelling convention. FAST promotes clear model structure, transparent calculations, consistent formula construction and efficient review. The proposed training will establish a shared modeling language while developing practical capability across both corporate/acquisition-style models and project-finance structures relevant to renewable energy and infrastructure-linked transactions.

3. Assignment Objective

Overall objective: To equip a cross-functional cohort of AECF staff to build, read, review and adapt transparent, auditable financial models using the FAST Standard, and to apply those techniques to debt and project-finance type transactions.

The specific objectives are to:

• Introduce a consistent organization-wide approach to model design and construction;
• Strengthen participants’ ability to integrate operating drivers, financial statements, debt and return calculations;
• Develop practical capability in construction financing, debt sizing and sculpting, covenant analysis and project-return optimization;
• Improve the speed and quality of peer review, due diligence and investment decision support; and
• Provide reusable course materials and post-course support that reinforce application after the live program.

4. Scope of Work and Training Program

The service provider will design and deliver the program as one integrated learning pathway comprising the following stages.

Stage 1 | pre-course preparation

Purpose: Establish initial familiarity with FAST and reinforce the Excel and keyboard skills required for the live sessions.

Delivery and duration: Approximately 2-3 hours of self-paced online learning, to be completed 2-3 days before the first live session.

• Excel configuration, navigation and productivity shortcuts;
• Core FAST design principles, calculation blocks, links and placeholders;
• Timing flags, basic model balances and model-construction drills; and
• Short readiness assessments to confirm that participants can progress.

Stage 2 | Best Practice / Three-Statement Financial Modelling

Purpose: Enable participants to build and review a fully integrated model using a structured case study and the FAST Standard.

Delivery and duration: 12 hours of live online instruction, practical demonstrations, individual assignments and collective feedback.

• Model timing, 2D calculation blocks, price/volume revenue drivers and fixed/variable operating costs;
• Three-statement integration, opening balances, fixed assets, depreciation, capital expenditure and working capital;
• Share capital, dividends, senior debt repayment and interest;
• DCF valuation, NPV, equity IRR, scenarios and sensitivities; and
• Checks, tracking, input relocation and model finalization.

Stage 3 | Project Finance Financial Modelling

Purpose: Apply FAST techniques to a greenfield renewable-energy case study incorporating construction, non-recourse financing and optimization constraints.

Delivery and duration: 12 hours of live online instruction, practical demonstrations, individual assignments and collective feedback.

1. construction costs, sources and uses, financing fees and interest during construction;
2. construction facilities, refinancing, circularities and transition from construction to operations;
3. current-period, average and minimum DSCR calculations and debt-sculpted repayment profiles;
4. equity returns across dual time periods, tariff and leverage optimization, and lender/equity constraints; and
5. VBA/macros, shareholder loans and debt-service reserve accounts.

Stage 4 | Post-course support

Purpose: Reinforce learning and enable participants to revisit the material while applying the standard in live AECF work.

Delivery and duration: Access to the provider’s online learning environment following completion of the live program, including but not limited to:

• Recordings of the live online sessions;

• Pre-recorded versions of the foundational/ three statement and relevant project finance courses;
• End-of-course and fully built solution models;
• Course-completion certificates; and
• Access to technical support forums for course-related questions.

5. Delivery methodology and schedule

• Live delivery. The trainer will build models live while participants observe, ask questions, and practice through structured assignments.
• Daily structure. Each training day will comprise three two-hour sessions, proposed for 9:00-11:00, 12:00-14:00 and 15:30-17:30 East Africa Time.
• Applied assignments. Participants will complete two assignments between the day’s live sessions. Common errors and alternative approaches will be reviewed collectively at the start of the next session.
• Dates. The four live training days will be agreed with AECF and may be scheduled consecutively or on mutually agreed dates that protect participation and business continuity.
• Language and platform. The program will be delivered in English through Zoom or another platform agreed with AECF.

6. Expected outputs and acceptance criteria

7. Participants and responsibilities

The program is intended for a cross-functional cohort of up to ten staff whose roles involve building, reviewing, interpreting or relying on financial models. Final participants will be nominated by AECF. Any increase in cohort size will require prior written agreement on the instructional support and any cost implications.

AECF will:

• Confirm the final cohort and nominate a focal point for coordination;

• Ensure participants have suitable laptops, a compatible version of Microsoft Excel, reliable internet connectivity and authority to install/enable required settings or macros;
• Protect participant time for the pre-course work, live sessions and assignments; and
• Provide consolidated logistical and administrative feedback to the service provider.

Participants will be expected to complete the pre-course work, attend all live sessions, submit assignments within the allocated breaks and comply with the provider’s reasonable rules on use of copyrighted course materials.

8.  Service-provider and lead-trainer requirements

• Demonstrated expertise in the FAST Standard and substantial experience delivering structured financial-modelling training to investment, banking, advisory, corporate or development-finance professionals;
• A track record of applying the same modelling methods in real transaction or model-build assignments;
• Proven capability to deliver both integrated best-practice financial modelling and advanced project-finance modelling, including debt sculpting and optimization;
• A lead instructor with at least 10 years of relevant modelling and project-finance experience and strong live facilitation skills;
• Credible institutional references for comparable training, preferably including development finance institutions, investment funds, banks or professional-services firms; and
• Capacity to provide online preparatory learning, recordings, solution models, completion certificates and post-course technical support.

9.  Proposal Submission

Interested and qualified consultants are invited to submit a proposal comprising the following:

a. A technical proposal

• Compreensão dos requisitos de consultoria.
• Methodology and work plan for performing the assignment, underpinned by a demonstration of value for money.
• A statement showing where in the applicant’s record each competency marked “Required” for the role applied for is evidenced.
• Detailed reference list indicating the scope and magnitude of similar assignments, and relevant services undertaken in the last five (5) years.
• Curriculum vitae for each proposed team member, and, where available, a redacted example of a comparable work product.
• Registration and other relevant statutory documents (this applies only to institutional respondents)

b. Uma proposta financeira

• An all-inclusive daily professional fee and the total against the indicative Level of Effort for the role, showing proposed team members, roles and days, inclusive of all applicable taxes. Currency to be in USD.
• Travel and workshop costs are budgeted separately by AECF.

N/B: Technical and financial proposals must be separated and submitted electronically. Combining the financial and technical documents into a single submission will automatically disqualify the applicant.

Mandatory Requirements

• Perfil da empresa.
• Trading license or Certificate of Incorporation or Certificate of Registration and other statutory documents.
• Valid Tax Compliance certificate (applicable to firms).
• Passport/National Identification of the lead consultant and all listed team members.

The above documents must be valid at the time of submission through to the duration of the tender process.

N/B: A NÃO ANEXAÇÃO E O NÃO CUMPRIMENTO DOS REQUISITOS ACIMA REFERIDOS IMPLICAM A DESQUALIFICAÇÃO AUTOMÁTICA

An evaluation committee will be formed by AECF and may include relevant technical staff and external experts. All members will be bound by the same standards of confidentiality. The technical quality of the proposal carries a weighting of 80%; only the financial proposal of technically qualified bidders will be opened, carrying the remaining 20%.

10. Critérios de avaliação

Proposals will be evaluated on a combination of technical quality and financial competitiveness, with technical merit weighted at 80 percent and the financial proposal at 20 percent. Specific consideration will be given to the realism and appropriateness of the proposed Level of Effort in line with industry benchmarks. AECF may invite shortlisted applicants to interview.

11.  Contract Management and Commercial Conditions

The assignment will be managed by AECF’s Head of Investments in coordination with Human Resources and Procurement. The final contract will specify the agreed dates, cohort, fee, taxes, payment schedule, rescheduling/cancellation provisions, intellectual-property permissions, confidentiality, data protection and applicable AECF terms. Payment will be linked to an executed contract and satisfactory completion of agreed pre-delivery requirements and deliverables. Any travel or in-person costs are excluded unless approved by AECF in writing in advance.

12. Indicative timing

The program should be delivered on mutually agreed dates following completion of procurement, contracting and participant confirmation. Pre-course access should be provided sufficiently early for all participants to complete the required preparation 2-3 days before the first live session.

13. Pricing

The AECF is obliged by the Kenyan tax authorities to withhold taxes on service contract fees as well as ensure that VAT is charged where applicable. Applicants are advised to ensure that they have a clear understanding of their tax position with regards to provisions of Kenya tax legislation when developing their proposals.

Financial proposals should be presented as an all-inclusive daily professional fee against the indicative Level of Effort stated for the role, and should exclude travel and workshop costs, which are budgeted separately by AECF and arranged in agreement with the Project Lead. Fees for this role are structured on a milestone basis, aligned to the deliverables set out in section 6.0.

14.  Application Details

O AECF é um empregador que oferece igualdade de oportunidades. O AECF considera todos os candidatos interessados com base no mérito, sem ter em conta a raça, o género, a cor, a nacionalidade, a religião, a orientação sexual, a idade, o estado civil, o estatuto de veterano, a deficiência ou qualquer outra caraterística protegida pela legislação aplicável.

• Interested consultants are requested to submit their technical and financial proposal at https://procurement.aecfafrica.org/ by 6^th November 2026, 5:00 pm EAT.
• All questions should be directed to the procurement email by 30^th October 2026, 5 pm EAT. The subject of the email should state the role applied for, in the following format: “FAST Financial Modelling Training”.
• O AECF não é responsável pela não abertura de propostas apresentadas com um tema diferente ou pela resposta a perguntas que não tenham respeitado o prazo indicado.

15.  Disclaimer

O AECF reserva-se o direito de determinar a estrutura do processo, o número de participantes na lista restrita, o direito de se retirar do processo de apresentação de propostas, o direito de alterar este calendário em qualquer altura sem aviso prévio e reserva-se o direito de retirar o presente concurso em qualquer altura, sem aviso prévio e sem responsabilidade de indemnizar e/ou reembolsar qualquer parte.

O AECF não cobra qualquer taxa de candidatura para participar no processo de concurso e não nomeou quaisquer agentes ou intermediários para facilitar as candidaturas. Aconselha-se os candidatos a contactar diretamente o departamento de aquisições do AECF.