37988 - OASIS AFRICA VC FUND LIMITED

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Summary of Investment Information

Project Number

37988

Company Name

OASIS AFRICA VC FUND LIMITED

Date SPI Disclosed

Jan 24, 2024

Country

Western Africa Region

Region

Africa

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Feb 21, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jul 17, 2017
Signed : Sep 14, 2016
Invested : Nov 17, 2016

Sector

Small Business Fund

Project Description

Oasis Africa VC Fund (“OAF” or “the Fund”) is targeting $50 million of commitments to invest in growth SMEs in the West African countries of Ghana (up to 60%) and Cote d’Ivoire (at least 40%). The Fund plans to complete its first close at the end of June 2016 with at least $20 million of commitments.

Associated Advisory Engagement

IFC’s advisory engagement will focus on: i) helping the Fund Manager’s expansion strategy into Cote d’Ivoire, a market emerging from conflict; ii) supporting the Fund manager with conditional grants to be applied to team strengthening; iii) providing expertise and support to the fund manager on deal structuring, portfolio performance, value addition and exit strategies; and iv) providing support on the relevant regulatory framework in both Ghana and Cote d’Ivoire.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	250.0

Development Impact

The Fund is expected to have significant development impact to the SME companies it invests in as follows: Provide SMEs with access to risk capital in an IDA and an FCS country; Value addition through capacity building of SMEs' operational, marketing and financial aspects; Job creation and economic growth; and, Environmental, Social & Governance improvement of local SMEs;

Improved Governance & Terms: IFC will sit on the Fund's Board, where its depth of experience and expertise add value and provide the requisite advice. IFC is actively engaged to ensure the Fund structure and terms are in line with international best practices. Catalytic role and resource mobilization: IFC is expected to play a catalytic role stemming from its stamp of approval in bringing onboard additional international investors to enable OAF reach its target size. Environmental and Social ("E&S") Oversight: The Fund will benefit from implementation of the environmental and social management system ("ESMS") and adoption of E&S standards across the investee companies under IFC guidance.

E&S Category Rationale / Risks and Mitigation

The project consists of an equity investment of US$7 million or 20% exposure in Oasis Africa Fund, a generalist private equity fund targeting SMEs in West Africa. The project has been categorised as FI-2 according to IFC’s Sustainability Policy. The fund’s pipeline includes exposures to potential low-medium and medium risk sectors such as financial services, food services, education, housing and manufacturing which are considered to have limited adverse E&S risks and impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures. While most of the sub-projects are expected to have low to medium E&S risks, the Fund may invest in higher risk projects, particularly in the food services sector. The key risk in this project is the ability of the Fund Manager to identify and manage the E&S risks associated with the activities of the portfolio companies in line with IFC’s policy requirements. The applicable requirements are the IFC Exclusion List, the National E&S Laws in the countries where portfolio companies are located and the IFC 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
Atomic Junction Mall	Ghana	D-BA - Commercial Property - Retail [Project only]
Everpure Ghana Ltd	Ghana	F-AI - Other Food
JACCD DIA	Ghana	T-AB - Colleges, Universities, and Professional Schools
Koala Supermarkets	Ghana	Q-BA - Grocery Retail (Supermarkets, Hypermarkets, Convenience Stores etc.)
Legacy Girls College	Ghana	T-AA - Elementary and Secondary Schools
MANSA Bank	Cote D'Ivoire	O-AA - Commercial Banking - General
Met Health	Ghana	O-JB - General Insurance (Non-Life)
PISAM Hospital	Cote D'Ivoire	S-AA - Hospitals and Clinics
SONAM General Assurance	Cote D'Ivoire	O-JB - General Insurance (Non-Life)
SONAM Vie	Cote D'Ivoire	O-JA - Life Insurance
Sunu Assurances Ghana	Ghana	O-JB - General Insurance (Non-Life)
Sinel Hospital	Ghana	S-AA - Hospitals and Clinics
appsNmobile	Ghana	R-BA - Computer Systems Design and Related Services (System Integration, Custom Computer Programming, IT Services etc.)

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 key risks associated with the Fund’s pipeline companies are related to occupational health and safety, resource efficiency, and pollution prevention. Activities in the food services sector could entail potential high level E&S risks and impacts related to harmful child labor and impacts on biodiversity. The Fund Manager has developed an ESMS and has ESDD procedures in place. The Fund Manager will be required to enhance its ESMS to ensure compliance of the investments made with the IFC Exclusion List, national E&S laws and regulations and the IFC Performance Standards, develop guidelines for the industry sectors the Fund will invest in and develop an external communications mechanism. IFC will review the first three ESDDs after commitment to support the implementation of the ESMS.

Contacts

For Inquiries About the Project, Contact

Matthew Boadu Adjei
Chief Executive Officer
Oasis Capital Ghana Limited
No. 4A Charlotteville, OIC Road Shiashi, East Legon
PO Box CT1169, Cantonments, Accra, Ghana
Telephone: +233 302 522624
Fax: +233 302 544011
Email: mailto:info@oasiscapitalghana.com
http://www.oasiscapitalghana.com

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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
Nominate officers	06/30/2016
Upgrade Applicable Requirements	06/30/2016
Staff Training	09/30/2016

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