PROJECT

Projects

Summary of Investment Information

Project Number

44605

Company Name

LETSHEGO BANK (NAMIBIA) LIMITED

Date SPI Disclosed

May 24, 2021

Country

Namibia

Region

Africa

Projected Board Date

Jun 25, 2021

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Nov 3, 2021

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Jun 23, 2021
Signed : Jun 29, 2021
Invested : Nov 1, 2021

Sector

Commercial Banking - General

Project Description

The proposed project (“the Project”) consists of a 5-year senior loan of up to US $50 million to the banking and microfinance subsidiaries of Letshego Namibia (“Letshego or the Company”). IFC’s facility will help Letshego promote access to housing finance via affordable housing mortgages and home improvement loans to un(der)served individuals in Namibia. 

Associated Advisory Engagement

The Company has expressed interested in an IFC Advisory Services (AS) engagement to support the further development of housing, micro-finance, and SME products. The AS team has had several meetings at a country and group level and is formulating an engagement proposal.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation