Abraaj Global Credit Fund LP (IFC-40007)

Regions
  • World
Geographic location where the impacts of the investment may be experienced.
Specific Location
Africa, Asia, Latin America, the Middle East and Turkey
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 18, 2017
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Abraaj Global Credit Fund GP LP
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 14, 2018

Disclosed by Bank Jul 12, 2017

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC website, Abraaj Credit Managers Limited is seeking to raise up to US$500 million for the Abraaj Global Credit Fund to provide growth capital in the form of direct lending to mid-sized companies principally across consumer-driven sectors in Africa, Asia, Latin America, the Middle East and Turkey. The expected development impacts of the project are:

1. Access to finance: AGCF will support access to finance to high-growth mid-market companies that have traditionally suffered from limited long-term debt capital, necessary to sustain their growth. The Fund will provide capital solutions via growth credit and mezzanine debt financing, as an attractive and viable alternative to equity.
2. Private sector development: Abraaj's active engagement in portfolio companies will help investees improve operational efficiency and achieve growth when they lack access to finance.
3. Job creation and economic growth: The proposed investment will contribute to the World Bank Group's goals of poverty alleviation by promoting job creation. The Fund will provide an important source of financing for high-growth mid-cap companies that are expected to create new employment opportunities and historically have the largest impact on job creation.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Project Sponsor and Major Shareholders of Project Company:

The General Partner of AGCF is Abraaj Global Credit Fund GP LP. The Manager is Abraaj Credit Managers Limited. Both entities are part of The Abraaj Group, a global private equity fund manager established in 2002 that invests across emerging markets in Asia, Africa, Latin America, the Middle East and Turkey.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The General Partner of AGCF is Abraaj Global Credit Fund GP LP. The Manager is Abraaj Credit Managers Limited. Both entities are part of The Abraaj Group, a global private equity fund manager established in 2002 that invests across emerging markets in Asia, Africa, Latin America, the Middle East and Turkey.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Project Contact: Christopher Wilder, Managing Director
Abraaj Global Credit Fund
Telephone No.: +44 203 540 1526
Email Address: Christopher.wilder@abraaj.com
Office Address: 1 Grafton Street London, W1S 4FE, United Kingdom
Website: www.abraaj.com

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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/

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