ISC-Flat6 Amman (IFC-43492)

  • Jordan
Geographic location where the impacts of the investment may be experienced.
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Jun 18, 2020
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.
Flat6Labs Amman
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 2.00 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)
$ 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 20, 2020

Disclosed by Bank May 18, 2020

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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 bank provided information, the investment is an IFC equity investment in Flat6Labs Amman (“F6LA” or the “Fund”) that would consist of up to USD2 million in the Fund which is a startup accelerator and early stage venture capital fund raising USD 20 million to invest in around 90+ Jordanian startups. This investment will fall under the IFC Startup Catalyst initiative, which supports entrepreneurship and innovation at the earliest stages.

In addition, IFC as implementing entity of the Women Entrepreneurship Finance Initiative (“We-Fi”) will provide USD 0.5 million (“the We-Fi co-investment”). The We-Fi co-investment will support the Fund to catalyze investment into more women-owned/led businesses and accelerate the Fund’s support to early stage high-impact women-owned/managed startups ensuring that they are an ongoing and dedicated focus of the Fund. No concessionality (i.e., “subsidy”) is provided by the We-Fi co-investment in this project as it will be on a pari-passu basis with the IFC own account investment. 

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

Flat6Labs Amman is being formed with the aim of stimulating the startup ecosystem in Jordan.  Expected commitment closed in Q2 2020 are from Saudi Jordanian Investment Fund, (“SJIF”) amounting to USD 4 million, the Innovative Startups and SMEs Fund (“ISSF”) amounting to USD 3 million, and Beyond Capital amounting to USD 500,000 for first close and USD 500,000 for the second close. Total current commitment before IFC is USD 7.5 million.  ISSF is a World Bank program created in partnership with the Jordanian government to re-invigorate the entrepreneurial ecosystem in Jordan. ISSF is a private sector-managed fund aimed at investing in innovative startups and early stage SMEs and is anchored by a USD 50 million investment from the World Bank, complemented by USD 48 million in co-financing from the Central Bank of Jordan. SJIF is an Amman-based Limited Public Shareholding Company with capital commitment of USD 3 billion and focus on investment in Jordan. Beyond Capital is an impact investment fund that invests in for-profit social enterprises throughout India and Africa. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Flat6Labs Client -

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.

Flat6Labs for Incubators, S.A.E.
Dina el-Shenoufy
Chief Investment Officer
(+20) 2 3568 5856
1 Dr. Mohamed Sobhy St., 2nd Floor, Giza, Cairo, Egypt 12511 


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 You can learn more about the CAO and how to file a complaint at

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