50402 - DFPX Fasanara Fund

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Summary of Investment Information

Project Number

50402

Company Name

EMDADF

Date SPI Disclosed

Dec 23, 2025

Country

World Region

Region

Global

Projected Board Date

Dec 5, 2025

Environmental Category

FI-2 - Limited

Status

Pending Signing

Last Updated Date

Dec 24, 2025

Department

Products Clients and Innovation

Industry

Funds

Previous Events

Approved : Dec 5, 2025

Sector

Other Non-Private Equity Fund

Project Description

The proposed project consists of an investment of up to $50 million in a debt fund, which supports MSMEs by investing in receivables and digital invoices acquired by fintech companies through factoring. The fund will be managed by Fasanara Capital Ltd, a leading investor in fintech-originated asset-backed credit.

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	50.0

Development Impact

The project demonstrates a strong development impact by increasing access to finance for underserved MSMEs and WMSMEs. Fasanara’s technology enabled funding model is bringing much-needed efficiencies and scalabilities. From the market perspective, by demonstrating the viability of these types of credits as an investable asset class, it is expected to attract greater interest from institutional investors, thereby increasing the available pools of funding for MSMEs.

IFC’s additionality is both financial and non-financial. Financial additionality is centered on private capital resource mobilization. IFC’s anchor investment is expected to play a catalytic role in attracting private investors. The project also uses a flexible and scalable multi-vehicle mobilization structure (including fund vehicles and managed accounts), attracting broader investors with different constraints under the same investment strategy. Given that emerging markets fintech-originated asset-backed credit is still a nascent asset class, IFC’s participation serves as a strong signal of credibility and viability, helping to build investor confidence and accelerate market development.

Indicator	Metrics	Comments
Number of Outstanding Loans, MSMEs	number

E&S Category Rationale / Risks and Mitigation

The proposed project consists of up to US$50 million equity investment into a debt fund designed to invest in trade receivables and digital invoices to be bought from micro, small and medium enterprises, including WMSMEs through factoring. The environmental and social (E&S) risks and impacts of the project are linked to the underlying MSME loans and are expected to be low to medium in nature and therefore this investment has been classified as category FI-2 project according to the IFC Sustainability Policy. The Fund Manager will not support coal-related or higher risk transactions that may include: (a) involuntary resettlement; (b) potential adverse impacts on Indigenous Peoples; (c) significant risks to or significant negative impacts on the environment, community health and safety, biodiversity, cultural heritage; (d) risk of retrenchment or (e) significant occupational health and safety risks. IFC’s applicable E&S requirements for this project will be to comply with the Exclusion List, the host country laws and regulations and screen out higher E&S risk transactions as contemplated by IFC’s Performance Standards.

The key E&S risks and impacts of this project derive from the Fund Manager’s capacity to identify and manage potential E&S risks associated with its investment activities, including screening out higher E&S risk transactions. According to the nature of activities to be supported with this project, the Fund will be required to maintain and to continue implementation of its E&S policies and procedures, entailing: (i) screening of all potential investee companies against IFC’s Exclusion List; (ii) reviewing all investee companies against the E&S laws and regulations of the target country, (iii) screening out companies exposed to higher E&S activities; (iv) maintaining of an ESMS Officer; and (v) providing E&S training to staff responsible for the implementation of the ESMS. The Fund Manager will be required to provide regular updates on its investment portfolio.

The Fund Manager has developed an ESMS, implementation of which is supported by: (i) Fasanara Ethical Exclusion List; (ii) ESG Questionnaire used at appraisal stage; and (iii) annual due diligence questionnaire used during monitoring stage. Meeting relevant environmental, health and safety regulations is a part of the due diligence process for all Fund investments.

The Fund Manager also developed the Responsible Investment & Environmental, Social and Governance (ESG) Policy that specifically addresses the incorporation of E&S principles, policies, and procedures into the Fund’s ongoing operations. The Fund Manager has appointed an ESMS Officer supported by two E&S Analysts. The ESG Policy is communicated to staff through training focused on the Fund’s investment process. The Fund’s ESG Policy is available to all staff and is a part of the package of documents required during the investment process.

IFC will review the first three E&S due diligence reports to confirm the capacity of the Fund Manager in implementing its ESMS and assessing the E&S risk of its investees. The Fund will revise its Ethical Exclusion List to bring it into alignment with the IFC Exclusion List. The Fund will also be required to provide Annual Environmental Performance Report to IFC.

S.no	Title	Anticipated Completion Date
1	Enhancement of ESG Appraisal Questionnaire	03/27/2026
2	Revision of Fasanara Exclusion List	03/27/2026
3	Screening out higher risk transactions	03/27/2026

Contacts

For Inquiries About the Project, Contact

Fasanara Capital Ltd.
John McKenzie
Director of Client Solutions

john.mckenzie@fasanara.com
25 Argyll Street, London, England, W1F 7TU
https://www.fasanara.com/

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