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    Signature(s)

    Amount
    € 5,000,000
    Countries
    Sector(s)
    ACP States : € 5,000,000
    Services : € 5,000,000
    Signature date(s)
    23/12/2021 : € 5,000,000

    Summary sheet

    Release date
    9 October 2020
    Status
    Reference
    Signed | 23/12/2021
    20200172
    Project name
    Promoter - financial intermediary
    FEFISOL MICROFINANCE FUND II
    ALTERFIN CV,SOLIDARITE INTERNATIONALE POUR LE DEVELOPPEMENT ET L'INVESTISSEMENT SCA
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 5 million
    EUR 35 million
    Location
    Sector(s)
    Description
    Objectives

    Equity participation in a successor microfinance investment fund operating throughout Africa with the objective of providing debt to rural microfinance institutions (MFIs) and small agricultural entities

    The EIB's investment in the FEFISOL II fund will support MFIs and agricultural producer organisations in Africa. In line with the first fund FEFISOL I, FEFISOL II seeks to improve access to finance in Africa by financing and supporting MFIs in rural areas. In addition, the fund plans to finance producer organisations supporting farmers who represent an important segment of the working poor. Via both target groups, FEFISOL II will contribute to social and economic development in rural Africa.

    Additionality and Impact

    A large proportion of the unbanked population worldwide lives in developing countries in Sub-Saharan Africa. Many of them are poor, live in rural areas and are smallholder farmers. An EIB investment in the Fonds Européen de Financement Solidaire II (FEFISOL II, Fund) provides an important opportunity to support rural development in Africa and thereby reduce poverty, by addressing the market failure of lack of access to finance for small rural enterprises and agricultural organisations, which has led to under-investment in rural development. The Fund is an ideal match for the goals of the EU in the region, for example as expressed in the Cotonou Agreement, and of the EU's ambition to support private sector development. FEFISOL II will mainly finance MFIs and agricultural entities and expects to support microloans to 5.6m final beneficiaries over the life of the loan. It is proposed to have the EIB commit EUR 5m to FEFISOL II. As an investor in the predecessor fund, FEFISOL I, EIB was involved very early in the conceptualisation of FEFISOL II, supported the investment advisors in the governance set-up of the Fund, and key areas of its risk management framework.

    Environmental aspects
    Procurement

    By supporting the implementation of socially and environmentally sustainable practices, FEFISOL II aims at improving living standards, reducing inequalities and achieving sustainable development.

    N/A

    Disclaimer

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

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