34118 - EuroMena III LP

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Summary of Investment Information

Project Number

34118

Company Name

EUROMENA III LIMITED PARTNERSHIP

Date SPI Disclosed

Feb 28, 2014

Country

Middle East, Pakistan, and Afg Region

Region

Middle East

Projected Board Date

Mar 31, 2014

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 21, 2023

Department

Equity Portfolio Management

Industry

Financial Markets

Previous Events

Approved : May 14, 2014
Signed : Jun 11, 2014
Invested : Nov 13, 2014

Sector

Private Equity/Venture Cap Fund - Regional

Project Description

The project entails an IFC equity investment of up to US$15 million in EuroMena III L.P. (“the Fund”), a 7-year closed-end generalist private equity fund targeting US$150 million in commitments. Capital Trust Group will be the General Partner of the Fund, which will take primarily minority positions in SMEs and mid cap companies in the MENA region (“the Region”). The Fund expects to make approximately 8-10 investment in the Region, with estimated ticket sizes ranging from US$10 million to US$20 million each.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	15.0

Development Impact

(i) Support for SMEs in the MENA region: all target portfolio companies will be in the SME and mid-market segment. IFC experience has shown that small to midcap companies can achieve higher job creation rates than large cap companies.
(ii) Private Sector Development: the fund manager employs a hands-on value added strategy to help portfolio companies improve operational efficiency and competitiveness leading to improved competitiveness and sustainability.
(iii) Economic Development: long-term capital to under-banked sectors with capital needs allows new businesses and markets to develop which lead to increased employment and output.

(i) Catalytic role: Support from IFC can help catalyze other investors to join the fund.
(ii) Counter cyclical role: supporting a prospective new client raising a fund in a difficult fund raising environment and investing in a region undergoing political transformation.
(iii) Environmental and social: IFC will advocate the implementation of social and environmental standards in the fund's investments.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Employment: New Jobs in Fund Investees (#)	individuals		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Fund will provide equity capital for growth and expansion along with professional management advice and operational guidance to a diversified portfolio of companies in health and education, food and beverage, chemicals, consumer goods, finance and insurance, services, and telecommunications sectors. The expected portfolio will largely be comprised of business activities that have limited adverse environmental and social risks and impacts that are few in number, site specific, largely reversible and can be readily addressed through mitigation measures. The project has therefore been categorized as FI-2 according to the IFC Sustainability Framework.

In accordance with IFC's Access to Information Policy, IFC will periodically disclose the names, locations and sectors of sub-projects that have been supported by IFC investments through private equity funds, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of January 1, 2025.

Investee	Country Of Investment	Sector
Carbon Holdings	Egypt, Arab Republic of	G-AA- Refineries and Crackers
Credit Libanais	Lebanon	O-AA- Commercial Banking - General
Elephant Group	Nigeria	J-AD- Pulp and Paper Hygiene Products (Tissues, Diapers, Wipes, Feminine Care, Nonwovens, etc)
INDIGO	Tunisia	K-CA- Garment and Apparel (Without Fabric , Excluding Footwear)
Insulco	Lebanon	D-AA- Construction and Real Estate
Novamed	Cote D'Ivoire	S-AA- Hospitals and Clinics
Retail Holding	Morocco	Q-BA- Grocery Retail (Supermarkets, Hypermarkets, Convenience Stores etc.)

The key risk is the ability of the fund to identify and manage the environmental and social risks associated with its investment activities. The Fund does not have an Environmental and Social Management System (ESMS). The Fund has prior experience in screening projects, however not in accordance to IFC Performance Standards (PSs). The Fund is required to develop an ESMS that outlines the procedures, responsibilities and tools for undertaking E&S risk management of its investment activities in line with IFC requirements.

Contacts

For Inquiries About the Project, Contact

EMENA III FMC Management Limited
Starco Building - Bloc C, Omar Daouk street,
8th floor, Beirut Lebanon
Tel: +961 1 368 968
Fax: +961 1 368 324.

For Inquiries and Comments About IFC, Contact

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Task Title & Description	Anticipated Completion Date
Establish SEMS	04/15/2014
Staff Training	07/14/2014

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