36220 - FOURSAN CAPITAL PARTNERS II LP

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

36220

Company Name

FOURSAN CAPITAL PARTNERS II LP

Date SPI Disclosed

Mar 3, 2016

Country

Jordan

Region

Middle East

Projected Board Date

May 18, 2016

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 21, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : May 18, 2016
Signed : Jun 21, 2018
Invested : Dec 20, 2018

Sector

Growth Equity Fund

Project Description

The proposed project consists of an equity investment of up to US$20 million in Foursan Capital Partners II, L.P. (the “Fund”). The Fund is a closed-end private equity fund which will make investments in small and mid-sized private companies in Jordan, Iraq, West Bank & Gaza and in other countries in Middle East and North Africa region with a target Fund size of US$125 million.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	20.0

Development Impact

(i) Job Creation: The Fund will focus on SMEs and mid-cap companies with growth capital needs, which tend to have the largest impact on job creation, and the most potential for IFC to develop direct relationships with the underlying companies, through potential co-investment opportunities. (ii) Access to Finance: The Fund focuses on SMEs and growth midcap companies, which lack access to financing especially growth capital. (iii) Private Sector Development: The Fund's structuring know-how and financial and operational insights will help portfolio companies improve competitiveness and sustainability. (iv) Support regional integration and South-to-South investments: The Fund will focus on companies with regional growth potential, including through cross-border operational expansion.

(i) Catalytic Role: Given the difficult fund raising environment (geopolitical risk in MENA, decline in oil prices in the GCC and resulting liquidity constraints), DFI participation (IFC, EBRD and DEG) is critical for the Fund to reach its target Fund size. In addition, given IFC is an investor in Foursan Predecessor Fund (FCP I), Foursan is keen to secure IFC's repeat participation in FCP II, as it will be considered a strong vote of confidence in Foursan's ability to implement the growth PE strategy in the Target Region. (ii) Best Practice: IFC will ensure the Fund terms are in line with international market standards and, by being represented on the Fund's LPAC, IFC will contribute to fund governance and oversight. (iii) Partnership and Regional Support. Given IFC's strong presence across the Target Region, IFC can help Foursan benefit from its knowledge of the market and client network as well as potentially participating in co-investment opportunities.

E&S Category Rationale / Risks and Mitigation

The project is an equity investment of up to US$ 20million in FCPII. The Fund will invest in mid-sized private companies with regional growth potential based mainly in Jordan and the rest of the MENA region (including in Egypt, Iraq, and the West Bank & Gaza). The Fund will invest in diversified sectors including food and beverage, healthcare, education, pharmaceuticals, manufacturing and hospitality. 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 Policy. The applicable requirements are the Exclusion List, the National E&S Laws and regulations in the countries where portfolio companies are located, and the Performance Standards.

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
New Vision for Electronics	Jordan	Q-AA - Wholesale (Including Grocery and Farm Products)
Sands National Academy	Jordan	T-AA - Elementary and Secondary Schools
Baida Pack	Jordan	J-AG- Paper Packaging Products (Including Boxes, Cartons, etc.)
Jo Academy	Jordan	T-AC- Other Training
Medjool Village	Jordan	A-AF- Fruits and Vegetables
MenaITech	Jordan	R-BA- Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)
NewVision	Jordan	Q-AA- Trading of Agri Commodities
Polymedic	Morocco	G-FA- Pharmaceuticals and Medicine Manufacturing
Sands Academy	Jordan	T-AA- Elementary and Secondary Schools

The main E&S risks and impacts of this project relate to the ability of the Fund Manager to conduct adequate E&S due diligence and monitoring to identify and manage the E&S risks associated with the activities of the portfolio companies in line with IFC’s policy requirements. The Fund has an Environmental and Social Management System (ESMS) that need to be enhanced line with IFC requirements and to reflect screening against the IFC Performance Standards. The Fund has an assigned E&S manager and coordinator, and they conduct adequate E&S due diligence and monitoring assessments for portfolio companies. The Fund management will also be required to develop an external communication mechanism to address the public queries and concerns related to the Fund’s investments

Contacts

For Inquiries About the Project, Contact

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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
Revise existing ESMS	04/30/2016
Develop External communication mechanism	04/30/2016

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

IFC's Investment as Approved by the Board

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Financial Intermediary Sub-Project Disclosure

Private Equity Funds Disclosure

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer