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Signature(s)

Amount
€ 28,081,999.44
Sector(s)
Services : € 28,081,999.44
Signature date(s)
10/11/2023 : € 28,081,999.44
Link to source

Summary sheet

Release date
12 July 2023
Status
Reference
Signed | 10/11/2023
20220276
Project name
Promoter - financial intermediary
TLCOM TIDE AFRICA II FUND
TLCOM CAPITAL LLP
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
USD 30 million (EUR 28 million)
USD 150 million (EUR 140 million)
Location
Sector(s)
Description
Objectives

The operation consists of an equity participation of up to USD 30m in a closed-end venture capital fund investing in scalable start-ups across sectors leveraging digital technologies.

The fund aims to provide equity and quasi-equity to start-ups in sub-Saharan Africa and Egypt. The fund will support the growth of the private sector in Africa and the digitalisation of the African economy. The fund will support the achievement of a number of sustainable development goals (SDG) including SDG 8 (Decent work and economic growth), as well as SDG 9 (Industry, innovation and infrastructure). Moreover, digital technologies are a powerful catalyst for socio-political, economic empowerment and participation of women and girls, given their potential to reduce economic and social disparities. As a result, this fund will also pursue SDG5-gender equality.

Additionality and Impact

The operation will contribute to the development of a more diversified economic base and more inclusive growth, in particular through its support to start-ups and early stage tech companies. The transformation to a digital economy is at the centre of Africa's economic and social development's strategy.


Moreover, most if not all start-ups in which the fund will invest will have a digital component which will serve to address the insufficient digitalization of the African economy market failure. Lastly, it is expected that EIB's support to this operation will contribute to the adoption of best market practices, especially regarding Environment Social and Governance aspects through mandatory Environmental and Social Management Systems and an EIB's seat at the Advisory Committee to ensure strong governance rules are applied.


The project is eligible under the Strategic Projects Facility ("SPF") and aligned with the Neighbourhood, Development and International Cooperation Instrument (NDICI) ? 'Global Europe' for the current MFF period (2021-2027).



Environmental aspects
Procurement

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

The fund is expected to comply with the EIB's procurement guidelines.

Milestone
Under appraisal
Approved
Signed
20 September 2023
10 November 2023
Link to source
Other links

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).

Documents

Environmental and Social Data Sheet (ESDS) - TLCOM TIDE AFRICA II FUND
Publication Date
21 Sep 2023
Document language
Main Topic
Lending
Document Number
155726263
Document Focus
Environmental Information
Project Number
20220276
Sector(s)
Countries
Publicly available
Download now
Other links

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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.
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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 Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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