In May 2004, after the completion of the MCAP design, FCL was contracted by Government, with financial assistance from DANIDA, to undertake interim management of the Fund. This was necessary because it was envisaged that international competitive procurement of the long-term Fund Management Agency would take more than six months. Government wanted MCAP to be implemented immediately in the meantime. FCL managed the Fund for a period of 12 months, exceeding all the contracted targets in terms of numbers of rural MFI branches opened, numbers of rural people served by the branches opened with MCAP assistance, sustainability of the new branches, loan and savings portfolios and asset quality. During the interim fund management period, FCL played a key technical role in the procurement of the long-term fund management agency.
FCL subsequently handed over the management of MCAP to PriceWaterhouseCoopers (PwC), the long-term fund manager, in November 2005.