ENDA TAMWEEL S.A. (FMO-56215)

Countries
  • Tunisia
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
C
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
Mar 3, 2020
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
Enda Tamweel S.A.
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)
$ 22.18 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 20.00 MLN
Converted using 2019-08-21 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Apr 8, 2020

Disclosed by Bank Aug 21, 2019


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Project Description

According to bank documents, FMO will arrange a LCY syndication of EUR 50mln for Enda. FMO intends to provide EUR 20mln in TND equivalent whilst the remaining EUR 30mln will be syndicated on a best effort basis. The facility's purpose will be to support Enda's lending to its focus segments. Enda is primarily active in agri and trade (each representing 30% of the loan portfolio), service (15%) and production (12%).

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

Enda is the leading MFI in Tunisia, enjoying an established position with a market share of 61% (by loans), a strong brand name, a large branch network across the country and an extensive knowledge of microfinance market needs. Enda has remained sustainable and profitable since its spin-off from Enda Inter-Arabe (NGO) in 2016. By the end of 2018, Enda had over 362,000 borrowers and a portfolio of $201mln. Annual profit in 2018 amounted to USD 6mln.

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