35267 - Enda III

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Summary of Investment Information

Project Number

35267

Company Name

ENDA INTER ARABE

Date SPI Disclosed

Feb 23, 2015

Country

Tunisia

Region

Africa

Projected Board Date

Mar 27, 2015

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Sep 30, 2022

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Apr 24, 2015
Signed : Jul 24, 2015
Invested : Dec 11, 2015

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The Project (“ENDA III”) consists of IFC providing support to an existing client, ENDA Inter-Arabe (“ENDA”), in the form of local currency-linked financing. ENDA is Tunisia’s largest existing microfinance institution, having more than 240,000 clients as of June, 2014, of which 70% are women. Average loan size is US$679. ENDA’s micro credit operations commenced in 1995.

Associated Advisory Engagement

IFC has been supporting ENDA through advisory services in NPL/Risk Management, Product Strategy and general capacity building in 2 key areas, namely MIS and HR. In the near future, ENDA has sought IFC’s additional support through advisory services for its Transformation into a for-profit company and in the area of Corporate Governance.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	8.0
Equity

Development Impact

Job Creation and Poverty reduction: The proposed investment is expected to have a high impact in facilitating micro and small enterprises access to finance - an area of key strategic priority for IFC. As IFC assists ENDA to increase and diversify its sources of funding, in a difficult economic and sector context, the project addresses the need to serve those segments of the population that lack the most access to credit; hence seeking to (i) reduce income disparities in the country, and (ii) contribute to job creation.

Demonstration Effect and Sector Development: The proposed IFC loan, in a liquidity shortage context, will send a strong signal to international investors and local commercial banks, which will help mobilize additional sources of funding to ENDA and the nascent sector.

The proposed project provides much needed funding to the largest microfinance provider in Tunisia at a time of liquidity shortage and confirms IFC''s engagement in the Tunisian microfinance sector. By supporting ENDA, IFC is uniquely positioned to (a) create a strong demonstration effect to help mobilize additional funding to the sector in a time of liquidity shortage, (b) support an innovative and successful business model that promotes the financial inclusion and integration of the underserved segments of the population into the formal economy and (c) support ENDA''s transformation in line with international best practices which will create a strong local standard/benchmark.

E&S Category Rationale / Risks and Mitigation

The proposed project is a Senior Loan to ENDA, an existing IFC client and microfinance institution in Tunisia to provide increasing access to finance to micro and small enterprises. ENDA''s current portfolio primarily entails exposures to micro and small enterprises in industry sectors such as Trade, Agriculture, and Retail/Consumer Loans. The overall portfolio risk is considered to be low and to carry no adverse environmental and social impacts. This project has been categorized as an FI-3 in accordance with IFC’s Sustainability Framework. For this project, ENDA will be required to screen financing activities against the IFC Exclusion List and the environmental and social laws and regulations of Tunisia. ENDA will be required to: i) revise and implement the ESMS to ensure that lending provided also complies with national E&S laws (in addition to the IFC Exclusion List), ii) ensure an ESMS Officer has been designated at all times, iii) comply with the requirements of the Performance Standard 2 - Labor and Working Conditions, and (iv) continue to submit a periodic report as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Ms.Essma Ben Hamida
Co-Founder and Executive Director
ENDA Inter Arabe
Rue de l’assistance, cite El Khadra
1003 Tunis, Tunisia

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