Injazat Capital Limited is a venture capital & private equity fund management and advisory services company operating from Dubai, United Arab Emirates with fifteen investment professionals. Injazat is registered under the laws of Dubai International Financial Centre (DIFC), regulated by Dubai Financial Services Authority (DFSA), and is owned by Gulf Finance House, a private Bahrain-based investment bank, Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank, and the principals of the Manager. Injazat previously made 11 investments through a predecessor fund, of which three are fully realized.

It is proposed that IFC invest up to $15 million, up to 20% of total commitments to the Fund.

15.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	15.0

* These investment figures are indicative

Shefa will be incorporated under the laws of DIFC as a closed ended investment company and will be authorized as a private fund under the rules of the DFSA as an investment scheme under the collective investment scheme regulations. The investment team will be located in Dubai, United Arab Emirates.

The Fund is expected to have several development impacts:

- Private Sector Development:

Shefa will add value to its investee companies by providing managerial and strategic support to improve their competitiveness and sustainability.

- Support for SMEs:

Shefa is expected to invest in small and medium-sized healthcare providers.

- Dissemination of best practices and know-how in delivery of health services:

Shefa will support the transfer of technology and know how.

- Increased access and standards of quality of health services in the MENA region:

Shefa will support increased access and standards of quality of health services in the Region.

- Business synergy:

Given Shefa’s health care focus, IFC can expect synergies with the company and its investee companies in the health sector and access to high development impact companies which IFC cannot invest in directly.

- Catalytic role:

IFC will support Shefa’s first closing and increase its chances of raising capital from international institutional investors.

- Structuring:

IFC will work closely with Injazat to ensure Shefa’s structure and terms are in line with IFC and international standards, thereby ensuring adequate investor protection.

- Governance of Shefa:

IFC will seek to play a role on Shefa’s governing structures.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure.

IFC will analyze the fund’s expected portfolio and determine the Applicable Requirements if any, that would include a combination of:

- The IFC FI Exclusion List; and/or
- The applicable National Social and Environmental Laws and regulations; and/or
- The IFC Performance Standards.

IFC will also review, if required, the capacity of the fund to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). IFC may suggest Supplemental Actions to address any gaps in the SEMS if required.

The fund manager will be required to:

- Develop an, or upgrade, if necessary, any existing SEMS, prior to disbursement to the satisfaction of IFC.
- Identify responsible, qualified persons to manage and implement the SEMS.
- Commit to implement the SEMS to ensure that its investments/activities are in compliance with the Applicable Requirements.
- Take action to remedy any gaps in SEMS implementation on an ongoing basis.
- Submit a periodic report to IFC as per a format to be provided by IFC.