Badia Impact Squared

Location:

Regional

Project number:

51388

Business sector:

Equity funds

Notice type:

Private

Environmental category:

FI

Approval date:

31 Mar 2020

Status:

Signed

PSD disclosed:

29 Apr 2020

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

An equity investment of up to USD 10 million in favour of the venture capital fund Badia Impact Squared (the "fund") targeting early stage technology companies in the SEMED region. The project will form part of the Bank's Early-Stage Innovation Facility, a EUR 100 million facility through which the EBRD selectively invests in commercially-oriented early-stage venture capital funds.

Project Objectives

The fund will make equity, quasi-equity and equity related investments predominantly in early-stage technology companies in Jordan, Egypt, Tunisia, Morocco and Lebanon, with a principal focus on Jordan and Egypt. The fund will have a core early-stage investment focus predominantly targeting investment tickets at Series A.

Transition Impact

The project will contribute towards the overall transition goals of the Early-Stage Innovation Facility, specifically seeking to enhance the resilience of financial markets by expanding the local venture capital asset class and increasing the competitiveness of innovation MSMEs.

Client Information

BADIA IMPACT SQUARED CV

The fund is managed by Badia Impact Squared Capital Partners GP B.V. (the "fund manager").

EBRD Finance Summary

USD 10,000,000.00

An equity commitment of up to USD 10 million.

Total Project Cost

USD 50,000,000.00

The target size of the fund is USD 50 million.

Additionality

The lack of availability of capital for private equity and venture capital in the region means that IFIs such as the EBRD continue to play a key role in supporting successful fundraisings.

Environmental and Social Summary

Categorised FI (2014). This is a repeat client and the Fund Manager will be required to continue to comply with EBRD Performance Requirements 2, 4 and 9; continue to implement the EBRD's E&S Procedures for Active Equity Investments and submit Annual Environmental and Social Reports to the Bank. The Fund intends to invest in the technology sector and the investments are expected to present low environmental and social risks.

Technical Cooperation and Grant Financing

None

Company Contact Information

Emile Cubeisy
emile@siliconbadia.com
+96265939094
www.siliconbadia.com
123 Zahran Street 4th Circle Amman 11183, Jordan

PSD last updated

29 Apr 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by emailmail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requesters’ identities may be kept confidential, upon request.

 

Share this page: