. The Jobs Fund requires the submission of project proposals (applications) over the term of the project. Upon receipt, all applications are assessed on a competitive basis against the Fund's funding criteria; . The Jobs Fund operates as a Challenge Fund as it has an open architecture and predetermined assessment criteria; . Grants are allocated by an independent Investment Committee only if the application is competitive and the funding criteria are met; . The Fund cannot predetermine with accuracy how many applications it will receive; nor can it determine the quality of the applications; the value of the requests; nor the disbursement schedule associated with these projects; . Funds cannot be transferred to the Development Bank of Southern Africa (DBSA) before projects have been approved by the Investment Committee; and . Grants cannot be disbursed to applicants until they have met the conditions precedent set by the Investment Committee and until they have signed contracts with DBSA.