50305 - DFP EICF Enko

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Summary of Investment Information

Project Number

50305

Company Name

Enko Private Debt Management

Date SPI Disclosed

May 22, 2025

Country

Mauritius

Region

Africa

Projected Board Date

Jun 20, 2025

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Mar 23, 2026

Department

Regional Industry - FIG Africa

Industry

Funds

Previous Events

Approved : Jul 30, 2025
Signed : Aug 15, 2025
Invested : Mar 17, 2026

Sector

Other Non-Private Equity Fund

Project Description

IFC's proposed equity investment in Enko Impact Credit Fund (EICF or the Fund) will be up to the lower of US$25 million or 20% of total Limited Partner (LP) commitment to the Fund. EICF will be established by Enko Capital (the Fund Manager or Enko), an Africa-focused asset management firm managing debt and equity investments across the continent. The Fund has a target LP commitment size of US$150 million, targeting US$80 million at first close, expected to take place in Q3 2025. The Fund's objective is to invest in a diversified portfolio of USD denominated senior secured and unsecured debt to mid-sized corporates in sub-Saharan Africa, excluding South Africa.

The Fund will seek to invest in SDG-aligned, ESG focused and gender-oriented businesses, while generating commercial returns and utilizing guarantees, insurance wraps and collateral to hedge downside credit risks. EICF will target gross USD returns in the range of 14-16%, comprising cash coupons of 9-11%, with the remaining returns expected from embedded upside structures.

The project is being processed under IFC's Debt Funds Project (DFP) Investment Framework.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	25.0

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Fund	Funds

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Increased affordability and quality of credit for mid-cap companies: The Project aims to improve the quality of credit available to target borrowers with longer tenor and more flexible terms, enabling their growth. Despite the presence of financial and capital markets in Africa, the dominance of traditional banks and their limitations in size and ratings create a gap in longer term credit availability that is crucial for the growth and expansion of companies. EICF’s longer tenors and flexible financing options will facilitate borrowers’ growth, providing an alternative to short-term bank financing. Contribution to market creation: IFC's support for EICF is expected to drive the expansion of debt markets in Africa. The Fund's successful performance will serve as a catalyst, inspiring other fund managers to establish more debt funds in the African market. Diversifying financing channels is critical for sustained economic growth in Africa, as the banking industry's capacity to finance expansion is limited.

EICF and Enko's corporate governance is deemed low risk, reflecting its strong alignment with UK and Mauritian governance standards and a robust code of conduct. Every Enko entity is regulated in the country of its operations. The company has a clear governance structure with distinct roles across committees at the level of Enko Capital Management LLP, which also cover aspects from the perspective of the group and affiliate activities: 1. Enterprise Risk Management Committee, 2. Compliance Committee, 3. Marketing Committee.

Financing structure (tenor): IFC will provide the lower of US$25mn or 20% of the total LP commitment of the Fund, helping to increase availability of long-term finance for mid-sized enterprises in Africa. IFC will play a key role in capital markets development by increasing access to private debt financing for sustainable enterprises essential for Africa to contribute to 7 UN SDGs, raising economic productivity and sustainable economic growth. Resource mobilization: IFC’s anchor investment in EICF will provide comfort to other investors, raising their awareness of a high-yielding debt asset class and ultimately enabling their mobilization through IFC’s stamp of approval. This mobilization of additional investors will allow EICF to access a larger pool of capital, enabling larger investments. Standard setting: IFC’s participation is expected to enhance the Fund’s framework to better manage E&S risks and impacts as well as enhance the Fund’s risk management framework.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Average loan maturities : SME	months		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project will support sectors linked to climate assets such as commercial and industrial renewable energy, waste recycling (organic and inorganic); financial inclusion, fintech, embedded finance; and consumer services. The E&S risks associated with the Fund’s investment activities are considered to be medium and can be readily addressed through mitigation measures. As such, the Project has been categorized as FI-2 according to IFC’s Sustainability Policy. The Project will not support investment activities on the IFC Exclusion List, 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. The Fund Manager will be required to screen out higher E&S risks transactions and eligible projects against the IFC Exclusion List, host country laws and regulations and IFC Performance Standards.

IFC will periodically disclose the names, locations and sectors for Category A sub-projects that have been supported by IFC investments through financial intermediaries, subject to regulatory constraints and market sensitivities. The sub-project(s) listed below reflect(s) the status of the portfolio as of July 1, 2020.

IFC will periodically disclose the names, locations and sectors for qualifying sub-projects that have been supported by this IFC investment, subject to regulatory constraints and market sensitivities. Any qualifying sub-project(s) will be disclosed during the annual reporting cycle established with the client

EICF has developed an ESMS which incorporates E&S due diligence into the investment review process. The developed ESGMS ESDD Checklist allows screening of the E&S risks in relation to the requirements of all the IFC Performance Standards, identify and exclude Higher E&S risk transactions. The Funds E&S risk management process includes E&S screenings and assessments applicable to the client and to the transaction level. These entail a check against EICF’s excluded activities, a regulatory compliance check and the IFC Performance Standards. Detailed in-house E&S risk assessments are done by the Fund's Sustainability Officer or through external consultants and entail E&S risk-based categorization. Where applicable, identified mitigation measures as well as E&S risk management covenants are included as E&S risk management covenants, warranties or conditions in legal agreements, which are monitored post-disbursement. An External Communication Mechanism (ECM) is also defined and described in the ESMS as part of the Fund-level grievance mechanism procedure. Under this investment, EICF will be required to enhance its ESMS, to include provisions for Sexual Exploitation, Abuse and Harassment (SEAH) at due diligence and monitoring in its investments, conduct a higher-risk screening review of prospective investments and incorporate a process to screen for solar supply chain considerations. IFC will review the first three Environmental and Social Due Diligence (ESDD) prior to investment. Additionally, IFC will disclose medium risks investments on a yearly basis, including their names, sectors, and locations.

S.no	Title	Anticipated Completion Date
1	Enhance ESMS	09/30/2025
2	Submit implementation report	12/31/2025

Contacts

For Inquiries About the Project, Contact

Enko Capital
Saad Sheikh
Partner, Co-Head of Private Credit

saad.sheikh@enkocapital.com

www.enkocapital.com

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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
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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.

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