Early Warning System

Countries

Uganda

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

Netherlands Development Finance Company (FMO)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

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

Feb 12, 2015

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

EFC UGANDA LIMITED

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 Amount (USD)

$ 3.00 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.

Bank Documents

Project Information

Primary Source

Original disclosure @ FMO website

Updated in EWS Jun 13, 2018

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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.

WHO IS OUR CLIENT

EFC Uganda Limited is focused on Micro and Small Entrepeneur (MSE) financing and was established in 2012 by Developpement international Desjardins (DID). DID is a subsidiary of Desjardins Group, the largest cooperative financial group in Canada. For more than 40 years, DID has been working with developing and emerging countries towards the goal of sharing the expertise and experience of Desjardins Group. EFC Uganda Limited obtained the Microfinance Deposit-taking Institution status from the Central bank in 2014.

FUNDING OBJECTIVE

This financing will enable EFC Uganda Limited to support job creation in Uganda. It will provide access to finance for MSEs in Uganda which will stimulate economic development and innovation. EFC Uganda Limited is a valuable addition to FMO's relationship with EFC in Tanzania and Zambia, as well as with DID.

WHY WE FUND THIS PROJECT

EFC Uganda Limited is at the forefront of the microfinance services industry ensuring that entrepreneurs in the MSE sector have access to loans enabling them to finance and grow their businesses. The institution is considered one of the Uganda's fastest growing financial institutions and now employs 115 people and counting.

Investment Description

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

Netherlands Development Finance Company (FMO)

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.

Head Office

2nd Floor – Acacia Place, Plot 6 Acacia Avenue,
Kololo, Kampala.
Tel.: +256 393 202 556/557
Fax: +39 059 776 881
E-mail: info@efcug.com

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism.