34178 - Yoma Equity

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Summary of Investment Information

Project Number

34178

Company Name

YOMA BANK LIMITED

Date SPI Disclosed

May 8, 2014

Country

Myanmar

Region

East Asia and the Pacific

Projected Board Date

Jun 9, 2014

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jul 1, 2023

Department

Global Industry, Financial Markets

Industry

Financial Markets

Previous Events

Approved : Jul 1, 2014
Signed : Sep 16, 2014
Invested : Oct 24, 2014

Sector

Commercial Banking - SME Finance

Project Description

Established in 1993, Yoma Bank Limited (“Yoma Bank” or the “Bank”) is one of Myanmar’s leading commercial banks. The Bank’s main current activities are domestic remittance business and financial services.

IFC investment project will support Yoma Bank’s SME financing program, which would in turn increase access to finance for SMEs in Myanmar.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	5.0
Loan	5.0
Equity	0.0

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Quasi-Equity	Loans to SME Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

(i) Contribute to the Development of the Financial Sector in Myanmar: At present, access to financial services in Myanmar is extremely limited. IFC''s engagement with Yoma Bank will help to develop a strong financial institution that can provide a demonstration effect for good banking practices.

(ii) Increased Access to Financing for SMEs: Limited access to finance is considered a key constraint to private sector growth. By supporting the development of the SME lending capacity of a local bank, the investment will support SMEs and will have a positive impact on economic activity in Myanmar.

(i) IFC has a broad range of institutional and financial sector building experience in emerging markets, especially with regards to SME banking. IFC can draw on its track record in investment and advisory services to assist the Bank in their expansion with a focus on SMEs.

(ii) IFC is assisting Yoma Bank through a comprehensive advisory program which includes strategic planning and credit processes. The program may be expanded to include risk management, product development and corporate governance in parallel with IFC''s investment. IFC will also work with Yoma Bank to establish and implement an environmental & social management system.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
CORE - E and S Management Systems (Y/N)	Compliance/Enhancement		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project has been categorized as FI-2 according to IFC's Environmental and Social Review Procedures. The bank's portfolio currently consists of approximately 70 loans to mainly SMEs customers with loan size between US$50k and US$1.5m and with exposure to a variety of sectors including wholesale, manufacture, transportation, real estate and food and beverage. The operations focus mostly on medium risk sectors considered to have limited E&S risks and impacts which can be readily addressed through mitigation measures. The Applicable Requirements are the IFC Exclusion List and the National E&S Laws and regulations of Myanmar

The main E&S risks and impacts of the project derive from the E&S risks of the Bank's lending activities, the capacity and system in place to manage these risks, and the Bank's practices with regard to labor and working conditions. Yoma bank does not yet have a specific E&S policy or procedure in place to evaluate and address E&S risks which are therefore not part of the loan review and no E&S due diligence is undertaken. The client does not have a designated department or staff responsible for E&S Risk Management. The bank will be required to develop an ESMS and designate E&S staff prior to IFC disbursement to ensure adequate screening and management of E&S issues. As the Bank may become involved in corporate finance in the future, it will be required to have the capacity in place to assess those sub-projects according the IFC's Performance Standards prior to commencing such lending. In addition, it will commit to manage its employees according to IFC's Performance Standard on labor and working conditions and develop and implement a life and fire safety plan.

Task Title & Description	Actual Due Date	Status	Comments	Completion Date
Nominate officers
Establish SEMS
Formalize procedures
Develop guidelines
Staff Training

Contacts

For Inquiries About the Project, Contact

Mr. Han Bosher
Special Advisor to the Chairman and CEO
Yoma Bank Limited
FMI Center, 606-610, 6F
380 Bogyoke Aung San Road
Pabedan Township, Yangon
Myanmar
Telephone: +951245903
Fax: +951245684

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Local Access of Project Documentation

N/A

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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