CHANGEMAKER SAL (FMO-56058)

Countries
  • Jordan
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
Approved
Bank Risk Rating
U
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.
Voting Date
Jul 9, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
ChangeMaker SAL
The holder of the loan, grant, or other investment.
Sectors
  • Finance
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)
$ 0.11 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 0.10 MLN
Converted using 2019-07-22 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 25, 2019


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Project Description

According to bank documents, the project supports youth entrepreneurs in Jordan, Egypt and Lebanon in starting and scaling their social enterprise.

Changemaker and the Hult Prize add value at two levels: primarily through directly empowering and supporting young entrepreneurs in emerging markets, but also indirectly by supporting initiatives that lead to improved social outcomes for the BoP and vulnerable populations. Both of these value additions align with the MASSIF mandate, and offer opportunities for youth in the MENA region.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

The contracting entity is ChangeMaker SAL., the managing partner for several initiatives promoting social entrepreneurship for youth in the MENA region: Changelabs Egypt, Changemaker Lebanon and the Hult Prize Jordan. The Hult Prize is the largest start-up accelerator for social entrepreneurship globally, that brings together students from around the world to solve todaya€™s most pressing issues. This annual initiative is backed by the Clinton Global Initiative and the United Nations Office for Partnerships.

Contact Information

*Contact information not provided at the time of disclosure*

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