2.1 THREE TESTS
Fundable, payable and investable are three different tests
5 min
Instrument: grant
Fundable
A funder pays for activities.
Instrument: results-based finance
Payable
A payer buys a verified result.
Instrument: loan, equity or blended fund
Investable
A cash flow repays capital.
Evidence and a named payer move a programme to the right.