PROJECT

Projects

Summary of Investment Information

Project Number

45304

Company Name

LAPO MICROFINANCE BANK LTD

Date SPI Disclosed

Jun 9, 2021

Country

Nigeria

Region

Africa

Projected Board Date

Jun 22, 2021

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Mar 8, 2022

Department

CF3S1 - Regional Industry - FIG ME & Africa/FIG Africa Investment Stream

Industry

Financial Markets

Previous Events

Approved : Jun 17, 2021
Signed : Jun 30, 2021
Invested : Dec 3, 2021

Sector

Microfinance and Small Business - Non Commercial Banking

Additional Project Attributes

Blended Finance

Project Description

The proposed investment consists of a up to three-year senior loan of US$8 million in local currency to LAPO Microfinance Bank (“LAPO MFB”), a long-standing IFC client, under the Base of the Pyramid Program (BOP Program), part of the IFC Fast Track COVID-19 Facility. The BOP Program is designed to enable LAPO MFB to provide much needed local currency funding to micro and small and medium enterprises (MSMEs) that have been negatively affected by the COVID-19 pandemic in Nigeria. The Project is supported by IDA PSW Blended Finance Facility.

Associated Advisory Engagement

N/A                                                   

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation