MULTINATIONAL - Norsad Capital Limited (NORSAD) (AFDB-P-Z1-HB0-073)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • African Development Bank (AFDB)
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
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
Jun 22, 2022
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
Norsad Capital Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Education and Health
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 17.65 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.
Bank Documents
Primary Source

Original disclosure @ AFDB website

Updated in EWS Feb 27, 2023

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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.

PROJECT GENERAL DESCRIPTION

The proposal is for provision of a Line of Credit to Norsad Capital Limited (Norsad) for the financing of private enterprises in agro-processing, healthcare, financial services, manufacturing, ICT and education. The proposed Bank support will assist in improving access to much needed long-term financing for mid-sized enterprises and SMEs in the SADC region, during a period when extension of credit to the segment is severely constrained as a result of the adverse economic effects of the COVID-19 pandemic. In an effort to improve access to finance for Women SMEs through Norsad, the Bank through the AFAWA program will provide Technical Assistance (TA) to Norsad and its non-bank financial institution (NBFI) clients.

PROJECT OBJECTIVES

The project development objective providing alternative bespoke financing solutions to SADC mid-growth companies and financial service providers in sectors including renewable energy, healthcare, housing, agriculture, education and hospitality as a mean to stimulate financial inclusion, job creation, diversify economies and boost inclusive economic growth in the SADC region.

BENEFICIARIES

This line of credit will benefit Norsad and its beneficiaries, financial and non-financial beneficiary institutions, in improving access to finance for women-owned businesses.

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

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.

Albin François Marie Ebou KAKOU

a.kakou@afdb.org

ACCESS TO INFORMATION

You can submit an information request for project information at: https://www.afdb.org/en/disclosure-and-access-to-information/request-for-documents. Under the AfDBÕs Disclosure and Access to Information policy, if you feel the Bank has omitted to publish information or your request for information is unreasonably denied, you can file an appeal at https://www.afdb.org/en/disclosure-and-access-to-information/appeals-process.

ACCOUNTABILITY MECHANISM OF AfDB

The Independent Review Mechanism (IRM), which is administered by the Compliance Review and Mediation Unit (CRMU), is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an African Development Bank (AfDB)-financed project. If you submit a complaint to the IRM, it may assist you by either seeking to address your problems by facilitating a dispute resolution dialogue between you and those implementing the project and/or investigating whether the AfDB complied with its policies to prevent environmental and social harms. You can submit a complaint electronically by emailing crmuinfo@afdb.org, b.kargougou@afdb.org, b.fall@afdb.org, and/or s.toure@afdb.org. You can learn more about the IRM and how to file a complaint at: https://www.afdb.org/en/independent-review-mechanism/

How it works

How it works