BIX II Fund (IFC-47753)

Regions
  • Africa
Geographic location 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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 28, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
BIX FM B.V.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 27, 2024

Disclosed by Bank Apr 22, 2024

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

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, IFC is considering an investment of up to US$15 million in BIX2 Fund (BIX2 or the Fund), a structured debt fund with a target size of US$80 million.  The Project is composed of (i) an up to US$12.5 million investment in the Fund’s senior tranche for IFC’s own account; and (ii) an up to US$2.5 million investment in the Fund’s mezzanine tranche by Blended Finance through the Canada-IFC Blended Climate Finance Program (BCFP) as described in the Blended Finance Section.

The Fund will provide pre-financing of impact receivables (carbon, health, and gender) to manufacturers and distributors of household appliances that address climate, health, and gender challenges for low-income households.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

The Project entails limited adverse E&S risk and impacts, generally site-specific, largely reversible and readily addressed though mitigation measures. The overall portfolio risk is therefore considered medium, and the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy. The main E&S risks and impacts of this Project relate to the ability of the Fund Manager to conduct adequate E&S due diligence and monitoring to identify and manage the E&S risks associated with the activities of the portfolio companies in line with IFC’s policy requirements. These risks are typically associated with labor and working conditions, occupational health and safety, pollution prevention and atmospheric emissions, or waste and wastewater management, amongst others.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project consists of an investment of up to US$12.5 million for IFC’s own account and an investment of up to US$2.5 million provided by IFC as implementing entity for the Canada-IFC Blended Climate Finance Program (BCFP).

The structured debt fund has a target size of US$80 million.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The Fund will be managed by BIX FM B.V. (BIX FM or the Fund Manager), a wholly owned subsidiary of FOUNT B.V. (FOUNT), which is an impact investment firm founded in 2013 by its co-owners, Bernadette Blom and Bob Assenberg. BIX FM and FOUNT are registered and based in the Netherlands. FOUNT provides strategic advisory and investment management services to drive environmental and social impact with reasonable financial returns in emerging markets for its investors. As of December 2023, it had US$19 million of assets under management and around US$115 million in its capacity as fund advisor, with 19 full time employees in the Netherlands.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - BIX FM B.V. Parent Company -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

BIX FM B.V.
Jeroen Blum
Director
(+31) 627074759
Jeroen.blum@bix.capital
Herengracht 201,1016 BE Amsterdam, The Netherlands
https://bix2.nl/l

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

How it works

How it works