The Fund will be managed by Unique Venture Capital Management Company Ltd. (the “Fund Manager” or “UVC”). The Fund Manager manages the Small and Medium Enterprises Equity Investment Scheme (“SMEEIS”) funds of three major Nigerian banks and has invested over $32 million in the last four years in 53 SMEs and exited 8 companies. UVC was elected as the best venture capital company in Nigeria by the Central Bank of Nigeria in January 2009 based on the magnitude, spread and quality of its SME investments.

The project calls for an IFC equity investment of $13.5 million. The Fund is targeting $40 million of total committed capital.

13.50 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	13.50

* These investment figures are indicative

The Fund will focus on two countries: Liberia and Sierra Leone

By investing in WAVF the following developmental impact could be expected:

Poverty alleviation, employment generation and regional stability: WAVF by providing funding and business support to more than 100 SMEs presents a unique opportunity to catalyze the growth of small businesses, employment and wealth creation;

Private sector and local economic development: WAFV provides a model for sustainable private sector development in post war economies, by growing SMEs which otherwise would not receive financing and advisory services;

Food production, health and educational development: WAVF’s allocation of 30% of its investments to the agribusiness sector and 5% each to ICT, health and educational sectors will help to develop these key private sectors;

WAVF’s focus on the Sub Saharan Africa post conflict countries of Liberia and Sierra Leone and SME Funds will ensure a maximum positive impact in countries/asset class where it is most needed.

Without the support of the IFC Ventures Program, this Fund would have not been able to be launched. Without the benefits of the BSS facility, portfolio companies may not be able to expand.
If the Fund is successful, there will be an important demonstration effect for other PE groups.
IFC will be identified as a supportive and innovative institution in the Africa region.

This project has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. During appraisal IFC analyzed the Fund’s expected portfolio and sectors of investment and determined as the Applicable Performance Requirements the IFC FI Exclusion List, the applicable National Social and Environmental Laws and Regulations and other eligibility criteria. IFC also reviewed the capacity of the Fund to manage social and environmental risks and to establish and maintain a Social & Environmental Management System (SEMS). Based on the assessment the Fund Manager will be required to (i) develop a SEMS, prior to commitment, to the satisfaction of IFC to ensure compliance with the Applicable Performance Requirements, (ii) identify responsible, qualified persons to manage and implement the SEMS, (iii) commit to implement the SEMS to ensure that its investments are in compliance with the Applicable Performance Requirements, and (iv) submit a periodic report to IFC as per a format to be provided by IFC. Additionally a training in S&E risk management will be provided to the Fund Manager, and IFC will review the implementation and performance of the Fund’s SEMS for the first three investments, prior to the Fund’s investment, to ensure that the SEMS is robust.