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        SHORECAP III

        Signature(s)

        Amount
        € 17,041,581.46
        Sector(s)
        Services : € 17,041,581.46
        Signature date(s)
        13/12/2017 : € 17,041,581.46

        Summary sheet

        Release date
        2 June 2016
        Status
        Reference
        Signed | 13/12/2017
        20160379
        Project name
        Promoter - financial intermediary
        SHORECAP III
        PRIVATE ENTITY(IES)
        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        USD 20 million
        USD 150 million
        Location
        Sector(s)
        Description
        Objectives

        Equity investment in a USD 150 m fund promoting financial inclusion in Africa through equity and quasi-equity investments in small and medium-sized enterprise (SME) banks, microfinance institutions, micro-insurance and financial technology (Fintech).

        Thanks to its expanded presence on the African market, the fund's objective is to invest with minority positions in equity and quasi-equity, shareholder's loans, and convertible debt in regulated financial institutions. Apart from looking for competitive returns for its investors, the fund seeks to provide investees with (i) access to scarce equity funding, (ii) corporate governance (iii) compliance and reporting of environmental, social and corporate governance (ESG) performance, (iv) strategy in particular via access to capacity building.

        Environmental aspects
        Procurement

        The fund's operational guidelines will provide for environmental and social due diligence of investee companies according to guidelines acceptable to the Bank.

        Not applicable.

        Disclaimer

        Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
        They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

        General enquiries and comments

        The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
        Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
        Alternatively, the EIB can be contacted through its external offices.
        Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

        Media enquiries

        Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

        Complaints mechanism

        Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

        Zero tolerance against fraud and corruption

        The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Investigations Division. All reports will be treated as strictly confidential and handled in line with EIB investigation procedures and the EIB Group Anti-Fraud Policy.

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