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The project consists of a line of credit to selected financial intermediaries to provide loans to small and medium-sized enterprises (SMEs) and MidCaps investing in eligible climate action projects in the sub-Saharan Africa, the Caribbean and the Pacific (ACP).
The operation will support small-scale investments in climate action and environmental sustainability by SMEs and Midcaps located in the ACP. The facility is expected to promote private sector access to long-term financing for a green and sustainable post Covid-19 recovery in the region. Furthermore, supporting private sector investments in climate action objectives is a key part in assisting the ACP countries in meeting their Nationally Determined Contribution targets under the Paris Agreement and to facilitate sustainable economic growth and job creation outside the EU. The facility is expected to positively contribute to several UN Sustainable Development Goals, including but not limited to SDG-10 (Reduced Inequalities), SDG-5 (Gender Equality), SDG-7 (Affordable and Clean Energy), and SDG-13 (Climate Action).
Financial intermediaries will be required to take all requisite measures to ensure that the procedures carried out by the final beneficiaries for the sub-projects receiving Bank financing will comply with national legislation and the ElB's Environmental Standards, as well as international treaties and conventions signed and ratified by or otherwise applicable and binding in the country.
Financial intermediaries will be required to take all requisite measures to ensure that any procurement procedures carried out by final beneficiaries for the sub-projects receiving Bank financing are in accordance with the Bank's Guide to Procurement.
Under EFSD+ Guarantee