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    Reference: 20190573
    Release date: 16 September 2019

    Promoter – Financial Intermediary

    TCX INVESTMENT MANAGEMENT COMPANY BV

    Location

    Description

    TCX provides derivative instruments addressing currency and interest rate risks related to local currency financing. The project consists of an EIB participation in the equity capital increase of TCX.

    Objectives

    The participation of EIB in the equity capital increase of TCX will support the expansion and broadening of activities of the fund which deepen the access to finance to Micro, Small and Medium-sized Enterprises (MSMEs) and supports their long-term sustainability. TCX facilitates the local currency financing activities in the emerging markets and extends the reach of local currency lending to high-risk markets where affordable long-term lending is in high demand. Moreover, TCX activities support the development of the beneficiary economies and the creation of robust financial markets by assisting financial intermediaries to strengthen their balance sheets and avoid term mismatches. By improving access to local currency finance for MSMEs, the project will promote more inclusive and balanced economic growth in the ACP countries in line with the objectives of the Cotonou Agreement and the priorities of the Joint ACP-EU Cooperation Framework for Private Sector Development Support in ACP Countries.

    Sector(s)

    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    EUR 15 million

    Total cost (Approximate amount)

    EUR 110 million

    Environmental aspects

    TCX benefits from the environmental and social standards (E&S) standards and policies applied to the underlying projects by its clients, primarily DFIs and MFIs/impact institutions. To ensure that its business operations support sustainable investments and activities, TCX incorporates E&S in its due diligence process based on the International Finance Corporation Performance Standards.

    Procurement

    N/A

    Status

    Signed - 29/11/2019

    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).

    Related tags

    ACP States Services