31449 - Ameen MF Lebanon

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Summary of Investment Information

Project Number

31449

Company Name

VITAS SAL

Date SPI Disclosed

Apr 13, 2012

Country

Lebanon

Region

Middle East

Projected Board Date

May 30, 2012

Environmental Category

Status

Completed

Last Updated Date

Nov 30, 2016

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Sep 5, 2012
Signed : Sep 28, 2012
Invested : Apr 18, 2013

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The project consists of a straight senior loan to Ameen s.a.l one of the leading and well-managed commercial microfinance institutions in Lebanon. Proceeds of the loan will be used to finance the expansion of the Company’s lending activities to micro and small entrepreneurs (the “Project”). Ameen s.a.l seeks long-term funding to continue its growth and continue offering existing and new products to its target clientele.

Ameen s.a.l is one of the leading microfinance organizations operating in all regions in Lebanon and serves more than 14,400 clients, of which 27% are women. Ameen s.a.l mainly operates through branches of three partner banks that fund and book their share of originated loans on their books. By end December 2012, Ameen s.a.l served its clients through 73 branches of partner banks and offers a range of products to its clients with an average loan size of about US$1,190.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	2.0
Equity

Development Impact

(i) Funding: IFC will provide medium/long term funding, that is not available in the market, to enable the Company to continue supporting and further grow its client base. The loan would also assist the Company to diversify their funding and better manage their asset and liability position at the time of limited funding opportunities.

(ii) Access to finance: The proposed Project would support AMEEN Lebanon, one of the main microfinance providers, expand its outreach and serve a larger number of low-income people in Lebanon.

(iii) Job creation: MSMEs are key contributors to job creation in the Country. Developing a vibrant MSME sector, with reliable access to finance, can play a significant role in private sector led economic growth, generating employment and providing opportunities to the poor and under-served groups.

(iv) Demonstration effect: Through this project, IFC is expected to act as a catalyst by encouraging other investors, especially local banks, to fund the microfinance sector and bridge the financing gap facing this sector. Furthermore, the fact that IFC''s first microfinance investment project within Lebanon is with one of the only two microfinance players in the market that adopt best practices and are regulated by the Central Bank, would amplify the value and credibility derived from adopting best practices and falling under the supervision of the Central Bank, hence encourage other players to apply best practices and convert to NBFIs, thereby developing the microfinance market.

IFC''s additionality will come from providing medium/long term funding, which is not available in the market especially to microfinance institutions that would support the Company in growing its portfolio and extending its reach during its current expansion phase. The long term nature of the loan represents a stable source of funding and accordingly would facilitate better liquidity management and enhanced ability to reach out to the targeted underserved segments. An Advisory Services package has been provided to the Company, which has addressed critical functions including MIS and internal audit, and assisted in developing the Company''s HR Department. Other Advisory Services are yet to be extended, which would address RM, product development and marketing, setting up a compliance department, and inturn would reflect positively on the Company''s efficiency and competitiveness in the market.

E&S Category Rationale / Risks and Mitigation

Contacts

For Inquiries About the Project, Contact

Mr. Ziad Halaby
General Manager - Ameen s.a.l
S&S Center 4th Floor
Jisr el Basha Road
PO Box 45 -184 Hazmieh
Baabda 2020-1013 Lebanon
Tel: +961 5 959 859 ext: 101
Fax: +961 5 957 857
Email: mailto:ZHalaby@Ameen.com.lb
http://www.ameen.com.lb

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