I&P Management (“I&P”) was established in October 2002 as a limited liability private company incorporated in Mauritius. The company is majority-owned by the management team. I&P operates out of offices in Port Louis, Antananarivo and Accra.

The fund is seeking to raise up to EUR 75 million by the end of 2012. IFC will make an equity investment of up to EUR 10 million ($ equivalent ca. 13.8m), not to exceed 20% of total fund commitments.

13.18 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	13.18

* These investment figures are indicative

The Fund will make investments primarily in the Indian Ocean region (Madagascar, Mauritius, Comoros and Seychelles) as well as selected countries in West Africa (primarily Ghana, Cote d’Ivoire and, opportunistically, others).

Fund is expected to have significant development impact by (i) encouraging economic and private sector development in local communities by providing much needed equity capital and management advice for SMEs which will promote job creation; (ii) implementing best-practice corporate governance and social and environmental standards at the fund and investee level; and (iii) supporting regional integration by expanding investee companies into neighboring countries to build 'regional champions.'

Without IFC's involvement, the Fund will face difficulty (i) achieving its target size and (ii) expanding its operations into new region (West Africa). IFC's continued support for the team, both financial and by providing our â?˜brand name' will provide continuity and send a positive signal to potential investors in a difficult fund-raising environment and region. In addition, IFC is playing a catalytic role by helping the Manager bring its fund structure and terms to international best practice to help the Fund attract institutional investors. IFC also brings the regional expertise and presence needed to assist the Manager in their expansion into West Africa.

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 the Applicable Performance Requirements based on an analysis of the potential social and environmental risks associated with the expected portfolio and considering IFC’s investment.

I&P Capital III will primarily invest into tourism and hospitality, financial services, infrastructure and utilities, agro-businesses, and information technology and telecommunications sectors, with a regional focus on Madagascar, Mauritius, Comoros and Seychelles, and West Africa. For this project the Fund will therefore continue to be required to ensure all investments made are in compliance with the IFC Exclusion List, the national E&S laws and regulations, and the IFC Performance Standards. IFC also reviewed the Fund’s existing Environmental and Social Management System (ESMS) and capacity to implement the same. The Fund has dedicated staff for undertaking E&S due diligence, a satisfactory E&S Management System (ESMS), and is reporting regularly to IFC. Based on the Applicable Performance Requirements and Fund ESMS and capacity review, the project will be required to commit to continue to implement the ESMS to ensure that its investments are in compliance with the Applicable Performance Requirements and submit a periodic report to IFC as per a format to be provided by IFC.