DFP EICF Enko (IFC-50305)

Countries
  • Mauritius
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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 20, 2025
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
Enko Private Debt Management
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)
$ 25.00 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 Jun 4, 2025

Disclosed by Bank May 22, 2025

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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 the bank provided information, the IFC's proposed equity investment in Enko Impact Credit Fund (EICF or the Fund) will be up to the lower of US$25 million or 20% of total Limited Partner (LP) commitment to the Fund. EICF will be established by Enko Capital (the Fund Manager or Enko), an Africa-focused asset management firm managing debt and equity investments across the continent. The Fund has a target LP commitment size of US$150 million, targeting US$80 million at first close, expected to take place in Q3 2025. The Fund's objective is to invest in a diversified portfolio of USD denominated senior secured and unsecured debt to mid-sized corporates in sub-Saharan Africa, excluding South Africa.The Fund will seek to invest in SDG-aligned, ESG focused and gender-oriented businesses, while generating commercial returns and utilizing guarantees, insurance wraps and collateral to hedge downside credit risks. EICF will target gross USD returns in the range of 14-16%, comprising cash coupons of 9-11%, with the remaining returns expected from embedded upside structures.The project is being processed under IFC's Debt Funds Project (DFP) Investment Framework. 

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

 An IFC equity investment of up to the lower of US$25 million or 20% of total LP commitment to the Fund.

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.

Enko Capital is a leading African alternative investment firm with US$1 billion assets under management (AUM) as of April 2025, Enko has been investing in the continent since 2008. The founders, Alain and Cyrille Nkontchou, are brothers and have 36 and 32 years of investment experience, respectively.  

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Enko Capital Client Finance

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.

Enko Capital
Saad Sheikh
Partner, Co-Head of Private Credit

saad.sheikh@enkocapital.com 

www.enkocapital.com 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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 

How it works

How it works