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

Our client is Gazelle Finance, the Fund Manager of Gazelle Fund I LP, a multi-country investment fund that invests in high-growth potential small and medium enterprises (“SMEs”) in Georgia and Armenia.

What is our funding objective?

Gazelle Finance’s home investment countries – Georgia and Armenia – are experiencing unprecedented inflows of economic migrants from Ukraine, Belorussia, and Russia as a result of the ongoing conflict in Ukraine. FMO funds a “Bridge” TA facility to identify SMEs relocating from Ukraine to Georgia and provides them with (i) expatriation and relocation services (ii) technical assistance in the form of fund-wide support projects, zero interest loans and grants to maintain business continuity and enable knowledge transfer.

Why do we fund this investment?

FMO’s funding will be used to support refugees, women and youth who are families and employees of Ukrainian SMEs. This is closely aligned with FMO’s strategy to reduce inequalities and its commitment to fragile countries. MASSIF funds this project because it aims to enhance the capacity and performance of SMEs, ultimately enhancing the development impact of the SMEs and the financial performance of the Fund.

More investments

Date Total FMO financing
9/27/2018 EUR 0.08 MLN
Europe & Central Asia
Infrastructure, Manufacturing and Services
Effective date
Total FMO financing
EUR 0.48 MLN