EFSE gender (IFC-48480)

Regions
  • Europe and Central Asia
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
U
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
Dec 4, 2023
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
The European Fund For Southeast Europe S.A., SA (Finance in Motion GmbH)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Fund
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 53.08 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.
Currency conversion note:
Bank reported 50
Converted using 2023-11-02 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 23, 2023

Disclosed by Bank Nov 2, 2023

Contribute Information
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.

As stated by the IFC, the proposed project is an investment of up to EUR50 million or its USD equivalent in A-shares of The European Fund for Southeast Europe S.A., SICAV-SIF. IFC’s proceeds will support financing of the Fund’s micro, small and medium enterprises with at least 40 percent of the proceeds to finance women-owned MSMEs.

EFSE is a structured debt fund channeling long-term capital for on-lending to MSMEs through bank and non-bank financial institutions (FIs). In addition, EFSE’s Development Facility provides technical assistance to FIs and entrepreneurs to complement the Fund’s impact. The Fund’s assets under management stand at EUR1.2 billion as of June 30, 2023, diversified among 71 FIs in Southeast and Eastern Europe and Türkiye.
Domiciled in Luxembourg, the Fund invests in 16 countries in Southeast and Eastern Europe, Türkiye, and European Neighborhood.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

As stated by the IFC, the Fund has a variable capital structure, comprised of six types of securities: (i) junior C shares, (ii) junior L shares (iii) mezzanine B shares, (vi) senior A shares, (v) junior notes, and (vi) senior notes. KfW Entwicklungsbank is the promoter for the Fund.

KfW Entwicklungsbank is the Fund’s initiator. IFC has been an investor in the Fund since its inception in 2005.

EFSE is advised by Finance in Motion GmbH. Finance in Motion is responsible for managing the Fund’s investment activities.


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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - Finance in Motion GmbH:

Joshua Olson - Manager
Phone: +49 69 271 035-804
Email: j.olson@finance-in-motion.com
Address: Carl-von-Noorden-Platz 5, 60596 Frankfurt am Main, Germany
Website: www.finance-in-motion.com

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