Summary of Proposed Investment
Project Number
24441
Company Name
FONDATION ARRAWAJ DE LA FINANCE INCLUSIVE
Date SPI Disclosed
Dec 1, 2005
Country
Morocco
Industry
Financial Markets
Projected Board Date
Jan 3, 2006
Status
Completed
Sector
Microfinance and Small Business - Non Commercial Banking
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Feb 28, 2006
Signed : Feb 28, 2006
Project Description
The project involves IFC providing Foundation for Local Development and Partnership (FONDEP or the company) with a comprehensive developmental financing and technical assistance package that will complement the company’s strong growth potential and expansion plans in the coming years.
FONDEP is a microfinance institution operating in Morocco. It began its microfinance activities in 1997, targeting rural and semi-urban regions in Morocco by providing solidarity group lending. Since its inception in 1996, FONDEP has built a loan portfolio of MAD 41 million as at end of August 2005 divided among more than 25,000 borrowers.
The project has two components:
- a Partial Credit Guarantee Facility (the “Guarantee”) to enable the company to source much- needed local currency financing from local banks, and
- and a technical assistance package (“TA”) to develop the company’s internal controls and risk management system, and strengthen its human resources function. Moreover, the TA is aimed at enabling the company to reinforce its operations and management structure to pre-empt its eventual transformation into a non-bank financial institution.
FONDEP is a microfinance institution operating in Morocco. It began its microfinance activities in 1997, targeting rural and semi-urban regions in Morocco by providing solidarity group lending. Since its inception in 1996, FONDEP has built a loan portfolio of MAD 41 million as at end of August 2005 divided among more than 25,000 borrowers.
The project has two components:
- a Partial Credit Guarantee Facility (the “Guarantee”) to enable the company to source much- needed local currency financing from local banks, and
- and a technical assistance package (“TA”) to develop the company’s internal controls and risk management system, and strengthen its human resources function. Moreover, the TA is aimed at enabling the company to reinforce its operations and management structure to pre-empt its eventual transformation into a non-bank financial institution.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Mouatassim Belghazi, Chairman / CEO
Telephone: 212 (0) 37 75 62 81
Fax: 212 (0) 37 75 63 18
Address: 17, rue Cadi Sanhaji – Pinède, Souisso II – Rabat 10000, Morocco
E-mail: contact@fondep.com
Telephone: 212 (0) 37 75 62 81
Fax: 212 (0) 37 75 63 18
Address: 17, rue Cadi Sanhaji – Pinède, Souisso II – Rabat 10000, Morocco
E-mail: contact@fondep.com