39903 - IPAE II

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Summary of Investment Information

Project Number

39903

Company Name

I&P AFRIQUE ENTREPRENEURS II LP

Date SPI Disclosed

May 17, 2017

Country

Africa Region

Region

Africa

Projected Board Date

Jun 19, 2017

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jul 1, 2021

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jul 17, 2017
Signed : Dec 12, 2017
Invested : Feb 23, 2018

Sector

Small Business Fund

Additional Project Attributes

Blended Finance

Project Description

The proposed project is for an equity investment of up to €10 million in Investisseurs and Partenaires Afrique Entrepreneurs II (“the Fund or IPAE”), a 10 year closed-end generalist impact fund that will invest in small and medium companies in West Africa, Central Africa, East Africa and the Indian Ocean Region. The Fund is seeking to raise € 80 million of committed capital.

Sponsor / Cost / Location

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

Development Impact

- IFC will sit on the Fund's Advisory Committee, 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. - IFC is expected to play a catalytic role stemming from its stamp of approval in bringing onboard additional international investors to enable IPAE 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

IPAE 2 is expected to target SMEs in the ECOWAS region, Central Africa, the Indian Ocean region, and East Africa with a priority in sectors that provide basic goods and services, including nutrition and agri-business, healthcare, housing and construction, microfinance and manufacturing. The Fund's priority sectors entail environmental and social risks and impacts that are low-medium and medium risk and 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. As such, the Project has been categorized as a Category FI-2 Project according to IFC's Environmental and Social Sustainability Policy. The Applicable Requirements are the IFC Exclusion List, the relevant national E&S laws and regulations in the countries where portfolio companies are located and the IFC Performance Standards where applicable.

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
Afribon	Kenya	Other Food
AMI	South Africa	T-AB - Colleges, Universities, and Professional Schools
Coin Afrique	Senegal	R-AC - Other Services (Including IT Enabled Services)
ICONA	Burkina Faso	Diversified Edible Agricultural Crops Production
NewCrystal	Ghana	S-AA - Hospitals and Clinics
Procrea	Cote D'Ivoire	S-AA - Hospitals and Clinics
Rensource	Nigeria	V-BF - Solar - Renewable Energy Generation
SMS Video	Western Africa Region	N-AD - Other (Including Satellite Telecommunications, Radio and Television Broadcasting, etc.)
Soafiary	Madagascar	A-AA - Grains, Soy and Pulses
Aerialmetric	Madagascar	M-CB - Aerospace Product and Parts
Agroserv	Burkina Faso	A-AG - Diversified Edible Agricultural Crops Production
Delta SA	Senegal	D-AA - Construction and Real Estate
Ed Partners	Kenya	A-AJ - Other (Agriculture and Forestry)
EFFICA-PIGIER	Cameroon	T-AB - Colleges, Universities, and Professional Schools
iProcure	Eastern Africa Region	R-AC - Other Services (Including IT Enabled Services)
Kunga	Cote D'Ivoire	R-AC - Other Services (Including IT Enabled Services)
Lapaire Glasses	Senegal	S-AC - Other Health Services
MALI SHI	Mali	F-AC - Vegetable Fats and Oils
Mansaart	Cote D'Ivoire	Q-BA - Grocery Retail (Supermarkets, Hypermarkets, Convenience Stores etc.)
Mazava Energy	Madagascar	V-BF - Solar - Renewable Energy Generation
So Fresh	Nigeria	F-AI - Other Food
Spaces Sabi	Nigeria	R-AC - Other Services (Including IT Enabled Services)
Trianon Homes	Gabon	D-AA - Construction and Real Estate
VRS Africa	Cote D'Ivoire	O-LB - Leasing Services
WIN	Senegal	C-BA - Water and Wastewater Utilities
Xpress Gas	Ghana	E-BA - Oil and Gas Transport or Pipeline
Zeepay	Ghana	O-MA - Money transfer, remittances

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 priority sectors are related to occupational health and safety, resource efficiency, and pollution prevention. The Fund Manager has developed an ESMS that includes a documented process for identifying and assessing potential E&S risks and impacts associated with the Fund's investments. In addition, the ESMS assigns roles and responsibilities for E&S risk management, specifies monitoring and reporting requirements, and includes guidance materials and tools to aid implementation. As part of the proposed project, 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 where applicable. IFC will review the first three ESDDs after commitment to support the implementation of the ESMS.

Contacts

For Inquiries About the Project, Contact

I&P AFRIQUE ENTREPRENEURS II
Jean-Michel Severino
Chief Executive Officer
Tel. +33 (0)1 58 18 57 10
jm.severino@ietp.com
9, rue Notre-Dame des Victoires, 75002 Paris, France
http://www.ietp.com

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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
Upgrade Applicable Requirements	06/30/2017
Staff Training	09/30/2017
Develop an External Communication Mechanism, which meets the requirements of Performance Standard 1.	08/31/2017

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