34631 - ACME Haiti

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Summary of Investment Information

Project Number

34631

Company Name

ACTION POUR LA COOPERATION AVEC LA MICRO ENTREPRISE SA

Date SPI Disclosed

Mar 24, 2016

Country

Haiti

Region

Latin America and the Caribbean

Projected Board Date

Apr 25, 2016

Environmental Category

FI-3 - No Impact

Status

Pending Signing

Last Updated Date

Apr 5, 2017

Department

Regional Industry FIG LAC & EUR

Industry

Financial Markets

Previous Events

Approved : May 25, 2016

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The proposed project consists in providing long-term financing in local currency to Action pour la Cooperation avec la Micro Entreprise (“ACME” or the “Company”), in order to support the growth of its microfinance portfolio and help ACME expand its lending services to rural micro and small enterprises (“MSEs”). ACME is one of Haiti’s leading microfinance institutions, with US$ 18 million equivalent in assets, 30 branches and 430 employees.

Associated Advisory Engagement

"The proposed advisory project would build ACME’s institutional capacity to strengthen and grow its lending services to MSEs to complement IFC’s long-term financing. The project would focus on strengthening core competencies, such as risk management, as well as develop and/or refine their product offering from MSEs. The proposed advisory services will be partially supported with funds from USAID."

Sponsor / Cost / Location

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

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
Straight Senior Loan	Loans to Microfinance Borrowers
Straight Senior Loan	Loans to Microfinance Borrowers

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

Development Impact

The proposed project is expected to have high development impact by: (i) Increasing and improving access to finance for micro and small entrepreneurs, which are of strategic importance to increase employment opportunities and generate economic growth in Haiti yet highly underserved by the financial system; (ii) Providing access to finance to women entrepreneurs, which represent 65% of ACME''s clients; (iii) Expanding availability of financial services in rural areas of Haiti as ACME continues to expand its presence in the regions over the next five years; and (iv) Promoting the adoption and implementation of best practice, particularly in terms of environmental and social practices.

a. Long-term lending: A five year senior loan from IFC will provide long-term and stable funding not currently available in the local market.
b. Local currency funding: IFC will provide the senior loan in local currency to ACME, which is presently a scarce resource in Haiti. This is especially important for ACME as its entire portfolio is denominated in Haitian Gourdes and it will protect it from currency mismatches in case of exchange rate depreciations.
c. E&S: IFC will help establish a functioning environment and social management system and promote best practice in the microfinance sector in Haiti.

E&S Category Rationale / Risks and Mitigation

Given that ACME provides financial services primarily to micro enterprises in Haiti and that the largest sectors of portfolio exposure are to Trade (83%), the environmental and social risks are considered to be low. the project has been categorized as FI-3 according to IFC’s Environmental and Social Review Procedures. While a limited number of activities supported by the microfinance institution could potentially be of moderate risk, these are reversible and readily addressed through mitigation measures. For this project, ACME will be required to ensure on-going screening of sub-loans against the IFC FI Exclusion List and national laws and regulations.

Contacts

For Inquiries About the Project, Contact

Mr. Sinior Raymond
Directeur General
ACME SA (Siège Social)4 Impassse Pierre Legrand (Puits Blain)Pétionville, Haiti
mailto:sraymond@acmehaiti.orgtél: Cell: (509) 3713-9545 / (509)-2816-6454

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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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