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%).
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 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