Date de publication: 17 octobre 2014
Promoteur – Intermédiaire Financier
PUBLIC ENTITY(IES)Lieu
Description
An equity investment by the EIB in TCX, a fund that provides derivatives to international financial institutions and their emerging market clients in order to hedge the currency and interest-rate mismatches inherent in their transactions.
Objectifs
The EIB’s objective in becoming a shareholder in TCX is twofold:
a) to broaden and deepen the access to local currency financing by the Bank’s clients, mainly with the aim to improve the availability and reliability of long-term lending to small and medium-sized enterprises (SMEs) and extending the reach of local-currency lending to more risky and difficult countries. The availability of long-term funding in local currency for local companies eliminates an important source of risk and reduces the cost of capital, which, in turn, contributes to their long-term financial sustainability.
b) to assist financial intermediaries to strengthen their balance sheets by avoiding mismatches between the short-term nature of local deposits and long-term maturities of loans. This, in turn, contributes to creating more robust financial markets and contributes to the growth potential of beneficiary countries.
By improving access to local-currency finance for micro, small and medium enterprises (MSMEs), the project will promote more inclusive and balanced economic growth in ACP countries in line with the objectives of the Cotonou Agreement. The operation will contribute to the diversification of the product offering proposed by the EIB to develop MSME financing in ACP countries. TCX has a stated focus on Sub-Sahara African countries where a maximum development impact may be obtained.
Secteur(s)
Montant BEI envisagé (montant approximatif)
EUR 40 million
Coût total (montant approximatif)
EUR 520 million
Aspects environnementaux
To ensure that its business operations do not support unsustainable investments and activities, TCX incorporates environmental and social standards in its due diligence process and has a published sustainability policy (TCX E&S Guidelines 2014) which it adheres to. TCX makes an assessment of its counterparties’ environmental and social policy frameworks and management systems, and bases itself on the IFC Performance Standards for the purpose.
Passation des marchés
Not applicable
Statut
Signé - 20/03/2015
Clause de non-responsabilité
Avant d’être approuvés par le Conseil d’administration et avant la signature des prêts correspondants, les projets font l’objet d’une instruction et de négociations. Par conséquent, les informations et données fournies sur cette page sont indicatives.
Elles sont fournies à des fins de transparence uniquement et ne peuvent être considérées comme représentant la politique officielle de la BEI (voir également les notes explicatives).