DFPX Fasanara Fund (IFC-50402)

Regions
  • World
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
Approved
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
Dec 5, 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
EMDADF
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 50.00 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 Feb 6, 2026

Disclosed by Bank Dec 23, 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’s website, the proposed project consists of an investment of up to $50 million in a debt fund, which supports MSMEs by investing in receivables and digital invoices acquired by fintech companies through factoring. The fund will be managed by Fasanara Capital Ltd, a leading investor in fintech-originated asset-backed credit.

The project demonstrates a strong development impact by increasing access to finance for underserved MSMEs and WMSMEs. Fasanara’s technology enabled funding model is bringing much-needed efficiencies and scalabilities. From the market perspective, by demonstrating the viability of these types of credits as an investable asset class, it is expected to attract greater interest from institutional investors, thereby increasing the available pools of funding for MSMEs.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The proposed project consists of up to US$50 million equity investment into a debt fund designed to invest in trade receivables and digital invoices to be bought from micro, small and medium enterprises, including WMSMEs through factoring. The environmental and social (E&S) risks and impacts of the project are linked to the underlying MSME loans and are expected to be low to medium in nature and therefore this investment has been classified as category FI-2 project according to the IFC Sustainability Policy.

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

The proposed project involves investing $50 million equity into a fund that finances MSMEs by purchasing trade receivables and digital invoices, managed by Fasanara.

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.

Fasanara Capital Ltd. (the Fund Manager) is a leading investor in fintech originated asset-backed credit. Founded in 2011 by Francesco Filia and Pietro Fabbri, former executives at Bank of America Merrill Lynch, the firm initially focused on Europe before expanding to other developed and now emerging markets. Headquartered in London, the firm employs over 110 staff globally. 


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.

Fasanara Capital Ltd.
John McKenzie
Director of Client Solutions

john.mckenzie@fasanara.com
25 Argyll Street, London, England, W1F 7TU
https://www.fasanara.com/

ACCESS TO INFORMATION

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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

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