ALCB Fund (IFC-38139)

Countries
  • Kenya
Where the impacts of the investment may be experienced.
Specific Location
Nairobi
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
May 26, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
AFRICAN LOCAL CURRENCY BOND FUND LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 9, 2018

Disclosed by Bank Apr 25, 2016


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Project Description

African Local Currency Bond (ALCB) Fund is a local currency bond fund sponsored by KfW and managed by LHGP Asset Management LLP (the “Manager”) .The goal of the Fund is to improve and diversify access to long term funding in local currency and support the development of African capital markets by creating opportunities for African issuers, investors and intermediaries. The expected impacts of the project are; Local Capital Markets Development - create awareness of domestic capital markets, build capacity of suitable issuers and enhance the fledgling eco-system of participants that are required to ensure development of the bond market in various African countries; and Access to finance - offer an alternative source of financing for medium size firms that may not be able to access adequate funding from banks.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

The Fund is managed by LHGP Asset Management LLP, an affiliate of Lion’s Head Global Partners, a merchant bank with offices in London and Nairobi and authorized by the Financial Conduct Authority to provide asset management and advisory services.

Contact Information

Mr. James Doree (Director)
LHGP Asset Management LLP
154 Buckingham Palace Road
London SW1W 9TR
Telephone: +44 (0) 207 340 0412
Email:James.Doree@lhgp.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/