46118 - Joliba Fund I

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Summary of Investment Information

Project Number

46118

Company Name

JOLIBA FUND

Date SPI Disclosed

Nov 15, 2022

Country

Western Africa Region

Region

Africa

Projected Board Date

Dec 16, 2022

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Sep 29, 2023

Department

Equity Portfolio Management

Industry

Funds

Previous Events

Approved : Jul 17, 2017
Signed : Aug 24, 2023
Invested : Sep 25, 2023

Sector

Small Business Fund

Additional Project Attributes

Blended Finance

Project Description

The proposed project is for an equity investment of up to €15 million in Joliba Fund I L.P. (the “Fund”), a 10-year closed-end generalist private equity fund targeting small and medium companies in francophone West and Central Africa. The Fund is seeking to raise €150 million of total committed capital.

Sponsor / Cost / Location

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

Development Impact

Expected Development Impact include: (i) Providing access to growth equity and business advice to underserved companies in Francophone West and Central Africa; (ii) Contribution to market creation by enabling private sector development demonstrating the viability of PE investments in a low-income IDA countries in Francophone West and Central Africa that are underserved by PE funds; (iii) Job creation and economic growth through financing SMEs, which are a growth driver in Francophone West and Central Africa; and (iv) At the investee level - operational and financial improvements, implementation of best practice corporate governance and ESG improvements of local businesses.

E&S Category Rationale / Risks and Mitigation

The project will support a Francophone West & Central Africa focused fund targeting to raise €150 million to pursue growth and buyout capital investments in SMEs and small mid-cap businesses. The Fund will have a generalist approach and will target mainly consumer driven sectors: Consumer products and services, Financial Services, Transport & Logistics, Agribusiness, Business Services, and Healthcare & Education. This project is classified as FI-2 in accordance with IFC's Policy on Environmental and Social Sustainability, based on the Fund's pipeline and business strategy. The activities in these sectors typically 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. Key issues associated with this investment relate primarily to the E&S risks of the potential investments, and the capacity and systems in place to manage these risks. These risks are typically associated with labor and working conditions, occupational health and safety, pollution prevention and atmospheric emissions, and waste and wastewater management, among others. To mitigate the risks inherent to the project, the Fund Manager will be required to appoint an E&S officer, develop and implement an ESMS, appoint an E&S officer and report annually to IFC. In addition, IFC will review the first three E&S due diligence reports prior to the Fund's investment to support the implementation of the ESMS. The Fund will not invest in any Category A activity or in coal-related activities, or higher risk business activities that may include: a) involuntary resettlement; b) risk of 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. IFC's applicable E&S requirements for this transaction will be to comply with the IFC Exclusion List, applicable host country laws and regulations and the IFC's 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
IUC	Cameroon	T-AB- Colleges, Universities, and Professional Schools

The Fund has developed a draft E&S policy but has not yet developed an ESMS. The policy describes the applicable E&S requirements (including the local laws, World Bank Environmental Health and Safety (EHS) Guidelines and IFC Performance Standards and International Labor Organization (ILO) Standards). It also describes the organizational capacity and intended allocation of E&S roles between the E&S Team, the investment team and the legal team. The policy also summarizes the system to identify E&S risks and impact that will constitute the future ESMS without referring to specific tools nor templates. The policy includes a section on stakeholders' engagement but does not refer to a formal mechanism nor other tools for enabling external stakeholders communicate or resolve grievances. The Fund Manager is also in the process of designating the E&S Officer who will overlooks the E&S aspects of the Fund. To mitigate the risks inherent in the project, the Fund Manager will be required to: (i) revise and update the E&S policy and develop an Environmental and Social Management System (ESMS) for the Fund to screen the portfolio companies against IFC's applicable requirements. As part of this ESMS, the fund manager is required to (1) screen and assess projects/ companies against the IFC Exclusion List, E&S local regulations and IFC Performance Standards, (3) integrate E&S considerations into the review of potential investments, to consistently and effectively identify E&S risks, impacts and opportunities and (3) set out the responsibilities for E&S risk and impact identification, assessment, decision-making, as well as monitoring and escalation. An External Communications Mechanism is required as part of the ESMS; (ii) officially designate an E&S officer and ensure ongoing capacity development for the E&S officer and the investment team; and (iii) ensure the ongoing implementation of the ESMS to identify the applicable E&S risks of each sub-project and require corrective actions as needed to ensure that these risks are managed in line with IFC's requirements.

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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.

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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.

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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	03/31/2023
Establish SEMS	03/31/2023
Staff Training	03/31/2023

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