39631 - EIP Levant Fund SICAV

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Summary of Investment Information

Project Number

39631

Company Name

EIP LEVANT (SICAV) PLC

Date SPI Disclosed

Nov 29, 2017

Country

Middle East, Pakistan, and Afg Region

Region

Middle East

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Oct 23, 2024

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jul 17, 2017
Signed : Aug 27, 2019
Invested : Sep 26, 2019

Sector

Small Business Fund

Project Description

The proposed project consists of an equity investment of up to US$7.5 million in EIP Levant Fund (the “Fund”), a closed-end private equity fund, domiciled in Malta, seeking to raise US$50 million to make equity/quasi equity investments in 8-10 companies in Levant region and Egypt. The Fund will have a generalist approach with a primary focus on healthcare, education, consumer-driven sectors and export-oriented businesses.

Associated Advisory Engagement

The proposed Advisory Services aim to support EIP Levant Fund as a fund established by first-time fund management team while scaling up operations, team capacity building and focused SME operational knowledge in addition to mentoring provided by one of the program’s PE SME Funds’ Specialists.

Sponsor / Cost / Location

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

Development Impact

The Fund is expected to have a significant development impact by: (i) Providing growth capital to SMEs invested in FCS countries; (ii) Value addition through capacity building in operational, marketing and financial aspects of SMEs; (iii) Stimulating job creation and economic growth by supporting fast-growing SMEs; (iv) Implementing best practice environmental, social and corporate governance standards at both the Fund and investee levels.

(i) Improved Governance & Terms: IFC will have a seat on the Fund's Advisory Board, where its depth of experience and expertise add value and provide the requisite advice. IFC will actively get engaged to ensure the Fund structure and terms are in line with international best practices. (ii) Catalytic Role and Resource Mobilization: IFC's stamp of approval will play a catalytic role in bringing onboard additional international investors to enable the Fund reach its target size. (iii) Environmental and Social 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 has been classified as category FI-2 according to IFC's Sustainability Policy. The EIP Levant Fund will focus on fast-growing mid-cap companies in several sectors, including agriculture, food, IT, manufacturing, healthcare and education in Lebanon, Jordan, Iraq, Egypt and Palestine. The fund is not expected to invest in high risk projects. The E&S risks and impacts are therefore, expected to have potentially limited adverse E&S risks or impacts that are few in number, generally site specific, largely reversible, and readily addressed through mitigation measures. The Fund will be required to screen its investments against the IFC Exclusion List, national E&S laws and regulations in the countries where investees are located, and the IFC Performance Standards.

The main E&S risks and impacts of the project derive from the E&S risks of the Fund's capacity and system in place to identify and manage E&S risks associated with its investment activities. The Fund has recently developed key elements of Environmental and Social Management System (ESMS) and nominated E&S staff. E&S due diligence will be integrated into the investment approval process and include the application of IFC's Exclusion List, compliance with applicable national E&S laws and IFC Performance Standards. The Fund will be required to update its ESMS in accordance with the IFC's Sustainability Framework. The Fund's staff should undergo E&S training to ensure adequate E&S risk management. The Fund will be required to develop a procedure for external communication by commitment stage to collect and address concerns from external stakeholders. IFC will review the Fund's E&S due diligence for the first three investments prior to the Fund's investment to ensure proper ESMS implementation.

Contacts

For Inquiries About the Project, Contact

Emerging Investment Partners
+96101998598
info@eip-capital.com
Abdul Razzak Building – 2nd floor, Abdul Hamid Karami St., Bab Idriss, Riad El Solh, Beirut, Lebanon
http://eip-capital.com/

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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
Staff Training	03/30/2018
Develop a communication mechanism for external stakeholders	12/30/2017
Upgrade E&S Policy and procedures	12/30/2017

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