24013 - Tameer Microfinance Bank

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Summary of Proposed Investment

Project Number

24013

Company Name

TAMEER MICROFINANCE BANK LIMITED

Date SPI Disclosed

Apr 29, 2005

Country

Pakistan

Industry

Financial Markets

Projected Board Date

Jun 10, 2005

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Regional Industry FIG MCT

Environmental Category

Previous Events

Approved : Sep 14, 2005
Signed : Nov 16, 2005
Invested : Dec 29, 2005

Project Description

The project is to establish a new microfinance bank in Pakistan, Tameer Microfinance Bank (Tameer Bank or the Bank), with the involvement of Cooperative Housing Foundation (CHF), a U.S based NGO, and local sponsors. The target market would be urban self employed small businesses with combined aggregate annual household incomes of Rs 18,000 ($300 equivalent) and above. Tameer Bank is seeking a license to operate from the State Bank of Pakistan on a nationwide level. Initially, the bank would focus on the urban markets.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	3.70
Equity	1.30

Development Impact

This project is expected to have high development impact: - It will target a large, underserved low income population in Pakistan’s urban areas. Over 5 years, the bank intends to have strong outreach to over half a million clients. - By serving the financing needs of micro and small business clients (who have access mainly to informal markets), it will assist by improving the competitiveness of these businesses and encourage more private sector led growth in Pakistan. - The project will also help disseminate best practices for commercial microfinance lending in the sector. - It will introduce a new financial product for IFC to offer local currency guarantees for microfinance institutions in Pakistan, which would help allow local MFIs to access domestic funding and facilitate overseas lending for this sector.

This is a Financial Intermediary (FI) Type 1 microfinance project according to IFC''s environmental review procedure. Tameer Bank will be required to ensure that its operations are consistent with host country requirements and IFC’s Micro finance Exclusion List. IFC will assess the Bank’s capability to carry out environmental reviews. In addition, the Bank will be required to submit an annual environmental performance report.
Location of environmental documents in locally affected community

Contacts

For Inquiries About the Project, Contact

Ms Momina Aijazuddin (maijazuddin@ifc.org) 2121 Pennsylvania Avenue, Washington DC, 20433, USA

This Summary of Project Information (SPI) is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC's activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC's Disclosure of Information Policy that went into effect September 1998.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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