SME V-WAVF (IFC-599421)

Countries
  • Liberia
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
Active
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 27, 2017
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
West African Venture Fund (WAVF)
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)
Advisory Services
The categories of the bank investment: loan, grant, etc.
Project Cost (USD)
$ 0.83 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 5, 2018

Disclosed by Bank Mar 1, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The SME Ventures WAVF advisory project ("SME V-WAVF") will deliver integrated technical assistance to the West Africa Venture Fund /Prj#28783 through the fund manager, Unique Venture Capital ("UVC"). WAVF is one of the first IFC SME Ventures funds vintage 2010. IFC and Cordaid are 74% and 25% investors in the $18.5 million fund respectively. (UVC 1%).

WAVF has invested $11.5 million in 25 SMEs across Sierra Leone and Liberia. The combined effects of Ebola and reduction in mineral mining revenues have severely depressed both economies. UVC has some experience managing a portfolio of SMEs in Nigeria; however, regarding PE and WAVF, it is a first time fund manager.

A significant impairment of 33% was recorded by the fund manager in December 2015, dropping the portfolio down to $7.7 million and IFC and Cordaid as investors are supportive of a post Ebola Business Plan to work out how the portfolio will recover from the down turn in the two economies.

The technical assistance for WAVF will therefore focus on the Post Ebola business plan and recommendations on viable exits and portfolio value creation for recovery. This includes bringing in benchmark industry expertise and seeking sale opportunities for exits.

Investment Description
  • International Finance Corporation (IFC)
Contact Information

No project contacts available at the time of disclosure

ACCOUNTABILITY MECHANISM OF IFC

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/