SMEV Adiwale I (IFC-45300)

  • Burkina Faso
  • Ivory Coast
  • Mali
  • Senegal
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
May 10, 2021
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.
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.
Loan Amount (USD)
$ 250.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 25, 2021

Disclosed by Bank May 20, 2021

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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.

This project will focus for a growth-oriented SMEs in Francophone West Africa, targeting key sectors: Consumer, Business Services and Manufacturing to support the Fund Manager’s capabilities around i) GP institutionalization ii) value creation strategies and execution and iii) exit preparedness for countries: Cote d’Ivoire, Senegal, Mali & Burkina Faso (primary focus) as well as Benin, Togo and Guinea (secondary focus).    

The Project is expected to align with the AIMM Rating for the SMEV Envelope.

IFC anticipates that the Project would result in increased access to growth capital and value creation for SMEs in Francophone West Africa, as well as build capacity of a local Fund Manager to professionalize and successfully manage its funds. Based on the Fund's track record and pipeline, it is expected to invest in mid-cap companies in IDA/FCS countries and build the capacity of their internal functions and governance.

Beyond the Project, this investment has the potential to develop the nascent private equity market in Francophone West Africa, through demonstration effects. IFC's equity and advisory services demonstrate confidence in this Fund Manager and support of a model that branches out from a traditional focus on Anglophone West Africa, thereby signaling the viability of the PE asset class in frontier markets in Francophone West Africa to other PE investors.


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

Contact Information
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Adiwale Partners
Jean-Marc Savi de Tové / Vissého Gnassounou
Managing Partners
+225 01 01 04 75 75 / +225 01 01 53 88 25


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