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        PROGRESSION MICROFINANCE EQUITY FUND

        Signature(s)

        Amount
        € 5,962,140.41
        Sector(s)
        Services : € 5,962,140.41
        Signature date(s)
        20/12/2011 : € 5,962,140.41

        Summary sheet

        Release date
        4 October 2011
        Status
        Reference
        Under appraisal | 04/10/2011
        20110364
        Project name
        Promoter - financial intermediary
        Progression Eastern African Microfinance Equity Fund

        Progression Eastern African Microfinance Equity Fund, a limited life investment fund to be incorporated in Mauritius.

        Proposed EIB finance (Approximate amount)
        Total cost (Approximate amount)
        Up to EUR 8 million
        USD 40 million
        Location
        Sector(s)
        Description
        Objectives

        Equity participation in a regional microfinance investment fund targeting Microfinance Institutions and other Microfinance intermediaries in Eastern Africa.

        The Fund’s objective is to achieve growth and development of Microfinance Institutions and other Microfinance intermediaries located in Eastern Africa mainly through equity and equity-related investments. In doing so, the Fund will contribute to the promotion of financial inclusion in the region.

        Environmental aspects
        Procurement

        Not applicable.

        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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