PROJECT

Projects

Summary of Investment Information

Project Number

32731

Company Name

ACLEDA MFI MYANMAR CO., LTD.

Date SPI Disclosed

Sep 28, 2012

Country

Myanmar

Region

East Asia and the Pacific

Projected Board Date

Oct 30, 2012

Environmental Category

FI-3 - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Dec 26, 2012
Signed : Dec 27, 2012
Invested : Mar 7, 2013

Sector

Commercial Banking - Microfinance

Project Description

The proposed investment consists of 2-year convertible loan of up to US$ 2 million to ACLEDA Bank Plc. (“ACLEDA Cambodia”) in Cambodia, which may be converted into 1.2 million common shares in a greenfield microfinance institution, ACLEDA MFI Myanmar Co., Ltd. (“ACLEDA Myanmar”), as ACLEDA Cambodia expands its activities into Myanmar, following the successful model of its expansion into Lao PDR through ACLEDA Bank Lao Ltd. (“ACLEDA Laos”). It is expected that ACLEDA Myanmar will be established in late 2012-early 2013, and if the IFC loan is converted it would represent an equity participation of up to 15% of the capital of ACLEDA Myanmar. The conversion of the loan would be at IFC’s option.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation