AfricInvest Cathay Innovation Fund LLC (FMO-55965)

Regions
  • Africa
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.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
AfricInvest
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 5.61 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 5.00 MLN
Converted using 2019-07-17 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 26, 2019

Disclosed by Bank Jul 1, 2019


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Project Description

The objective of the "Cathay AfricInvest Innovation" fund is to contribute to the development and scaling up of innovative companies that demonstrate strong growth in Africa. The fund team will provide selected companies with high value-added support by mobilizing its multidisciplinary expertise and networks within the various ecosystems in order to facilitate partnerships and accelerate their geographical expansion, with the aim of building up leaders in their respective sectors of activity.

FMO is participating in the fund's first closing in order to show its trust and support for the fund manager due to its proven track record in SME investments in Africa (including a very successful single-country innovation fund and some selective innovative early-stage investments).  With due attention to ESG risk management and value creation, FMO is now supporting this new initiative of the fund manager addressing the opportunities created through technology development in Africa.

 

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

South Africa
+27 11 507 2500
joburg-office@fmo.nl

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