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    Risk capital operations under the FEMIP Trust Fund (FTF)

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    Risk capital operations under the FEMIP Trust Fund (FTF)

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    The FTF aims at increasing the scope and range of financial instruments to support directly private sector development in the Mediterranean Partner Countries. In particular, it focuses on increasing the EIB’s involvement in equity, quasi-equity and guarantee type operations.

    Expected results

    • to facilitate access to credit by micro, small and medium-sized enterprises (MSMEs), including through riskier initiatives under the Impact Investment Financing envelope
    • to increase support to MSMEs through risk capital operations and development of equity markets
    • to promote the development of banking intermediation and mobile financial services

    The Impact Investment Financing envelope

    The Impact Investment Financing envelope was created in line with the FTF strategy 2014-2020, endorsed by the Fund's donors on 2 April 2014, aiming at increasing the FTF’s support to MSMEs through risk capital operations.

    The Impact Investment Financing envelope should enable the EIB to extend the range of instruments to finance entrepreneurial activities, and to consider more private sector operations with an important developmental impact, but also with a high level of risk and low return expectations.

    The envelope targets investments in fund structures, microfinance institution, or other entities pursuing specific economic, innovation, social and environmental objectives without necessarily aiming to maximise financial returns.

    Approved operations

    As of November 2016, the FTF has approved the following risk capital operations:

    Under the Impact Investment envelope:

    • Taysir (Tunisia) - Subordinated loan to a greenfield Microfinance Institution EUR 1m - approved on 14 October 2014; An agreement on a EUR 1m loan (nearly 2.2 million dinars) was signed with Taysir Micro-finance on 3 December 2014 in Tunis
    • CoopMed (regional) - Participation in a debt fund supporting microfinance and social economy in the Mediterranean region" EUR 2m - approved on 23 March 2015