SMEV Inside II (IFC-49066)

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
Approved
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
May 10, 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
Inside Capital Partners Ltd
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)
$ 10.00 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)
$ 100.00 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 25, 2024

Disclosed by Bank May 9, 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, Inside Equity Fund II (“IEF II” or the “Fund”), a Mauritius limited partnership, is targeting US$100 million to construct a portfolio of investments diversified across Eastern and Southern Africa, which collectively capture the underserved small and medium-sized enterprises (“SMEs”) in those regions. IEF II’s investment objective is to provide capital to SMEs mainly through equity instruments. The Fund will be supported by the Blended Finance Facility (“BFF”) of the IDA19 IFC-MIGA Private Sector Window (“IDA-PSW”), created by the Word Bank Group to catalyze private sector investment in IDA-PSW eligible countries (“IDA Countries”).

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.

This project is classified as FI-2 in accordance with IFC’s Policy on Environmental and Social Sustainability, based on the Fund’s pipeline and business strategy. The Fund is a closed-end generalist fund targeting Eastern & Southern Africa. It will focus on sectors such manufacturing, agrobusiness, healthcare, and financial services with potential additional exposure to renewable energy, waste management, consumer goods, and leisure & tourism. The activities in these sectors typically have limited adverse environmental and social risks and impacts that are few in number, site specific, largely reversible and can be readily addressed through mitigation measures.

The main E&S risks and impacts of the Project derive from the E&S risks associated with the Fund's investment activities and its E&S capacity and systems in place to manage these risks. These risks typically include labor and working conditions, occupational health and safety, waste management, and community impacts, among others.

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

The Fund has a total committed capital target size of US$100 million, and IFC is proposing an equity investment of up to US$10 million not to exceed 20% of total committed capital.

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 Inside Capital Partners Ltd, a Mauritian limited company (“General Partner”, “GP”, or “Fund Manager”) holding a global business license and a collective investment scheme manager license issued by the financial service commission of Mauritius. The key representatives of the Fund Manager are Jerome Lagesse (Managing Partner), Basil Nundwe (Partner) and Rushil Patel (Partner).

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Inside Capital Partners Ltd. 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.

Inside Capital Partners Ltd
Jérôme Lagesse
Managing Partner
+230 5499 0515 
jlagesse@insidecapital.net
Suite 8D1, Block 8, Cascavelle Business Park, Riviere Noire Road Cascavelle 90522, Mauritius
https://insidecapital.net   

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