44803 - Salt Equity I

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Summary of Investment Information

Project Number

44803

Company Name

SALT CAPITAL

Date SPI Disclosed

Feb 3, 2021

Country

Southern Africa Region

Region

Africa

Projected Board Date

Jan 21, 2021

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jan 22, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jul 17, 2017
Signed : Dec 15, 2022
Invested : Jan 20, 2023

Sector

Small Business Fund

Project Description

The proposed project is an investment in Salt Equity I (“Fund” or “Salt”) which will invest in equity in Small and Medium Enterprises (SMEs) in Southern Africa across sectors such as food and beverage, supply chain, financial services, healthcare and education

Associated Advisory Engagement

SME Ventures Advisory services will support the Fund Manager’s capabilities around i) GP institutionalization ii) value creation strategies and execution and iii) exit preparedness.

Sponsor / Cost / Location

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

Development Impact

E&S Category Rationale / Risks and Mitigation

The project has been categorized as FI-2 according to IFC's Sustainability Policy. Salt Capital Fund I serve as a vehicle for SME Ventures to provide equity financing and build capacity to SMEs in frontier markets in the SADC region with a strong preference for the food, beverages and key consumer facing sectors. The E&S risks and impacts associated with the activities of these sectors are considered limited and can be managed through specific mitigation measures; the overall portfolio risk is thus considered medium. The applicable requirements for this project are the IFC Exclusion List, applicable National Laws in the countries where portfolio companies are located and IFC Performance Standards. The Fund will not invest in companies involved in coal mining, coal-related activities, upstream oil and gas activities, and higher-risk activities that may include: (a) involuntary resettlement; (b) potential adverse impacts on Indigenous Peoples; (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage; or (d) significant occupational health and safety risks.

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
Pirtek	South Africa	M-DA - Agriculture, Construction, and Mining Machinery
R24 International Limited	South Africa	M-BB - Computer & Electronic Products(Computers & Peripherals, Communications Equip., Elec. Watches & Similar Elec. Products. Integrated Circuits & the application of Miniaturization Technologies characterize this sector.)
Rhino Park Holdings	Namibia	S-AA - Hospitals and Clinics

The main E&S risks and impacts relate to the ability of the Fund Manager to identify, assess and manage the E&S risks and impacts associated with the activities of the investee companies in line with requirements of Performance Standard 1.

Summary of Client Environmental and Social Management System (ESMS)

Currently, Salt Capital Fund I has no designated ESG Officer, but has E&S Management System Policies and Procedures in place which describes the process of assessing the E&S risks and impacts associated with Fund's all investment activities. Adequate E&S due diligence and monitoring assessments are conducted for portfolio companies. External support is provided by E&S consultants where required. Nomination of and E&S officer, and E&S risk management training will be required to ensure adequate implementation of the ESMS, and management of E&S risks and impacts associated with portfolio companies. IFC will monitor the implementation of the ESMS for the fund through the review of E&S due diligence and monitoring reports as well as site visits (as required).

Contacts

For Inquiries About the Project, Contact

Salt Capital
Jan Bosch
Managing Partner
+44 203 008 6575
jbosch@saltcapital.com
The Link, 173 Oxford Road, Rosebank, Johannesburg, 2196
https://www.saltcapital.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
Nominate officers	05/31/2021
Staff Training	05/31/2021
Develop External Communication Mechanism	05/31/2021

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