Project detail - KIBELE B.V.


Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Kibele is a special purpose vehicle that holds a non-life insurance company in Turkey. The company was taken over from Aviva Group Plc (a listed UK Insurance Company). The non-life Insurance company provides Casco, MTPL, Fire, Engineering, Marine Cargo and Non-Motor (Liability PI).

What is our funding objective?

The funding objective is to support and develop a best practice, well-managed insurance company in a country where insurance penetration is extremely low. FMO funded the project together with EMF New Insurance Fund. EMF NEIF was set up to to invest in insurance in Eastern Europe. Our objective is to do co-investments with FMO's selected local partner. EMF NEIF needed partners to be able to take over this company.

Why do we fund this investment?

Insurance helps to secure livelihood and alleviate poverty; it is often a next step in the development of emerging markets, taking off when a certain level of GDP has been reached.

Europe & Central Asia
Financial Institutions
Effective date
Total FMO financing
USD 0.69 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)