24606 - Fundusz Mikro sp / MWBank

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Summary of Proposed Investment

Project Number

24606

Company Name

FUNDUSZ MIKRO SP Z O O

Date SPI Disclosed

Sep 15, 2006

Country

Poland

Industry

Financial Markets

Projected Board Date

Oct 31, 2006

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Regional Industry FIG LAC & EUR

Environmental Category

FI-1 - Significant

Previous Events

Approved : Aug 8, 2008
Signed : Aug 11, 2008
Invested : Nov 21, 2008

Project Description

The project comprises of an IFC equity investment of up to $7.0 million equivalent for shareholding of approximately 19% in the share capital of MWBank (the Bank); and an IFC sub-loan of up to $2.0 million to the Bank. MWBank, a new bank that will provide micro and small entrepreneurs with access to credit and other banking services is being established by Fundusz Mikro Sp. z o.o. (FM) a specialized for-profit microfinance institution based in Warsaw, Poland. The new deposit raising licensed and regulated commercial microfinance bank will be capitalized with an equity capital of PLN equivalent amount of up to $35.0 million.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	26.51
Equity	5.53

Development Impact

The development impact of this project is expected to be high and far reaching in terms of its economic support for productive micro and small enterprises, stimulus for employment generation and widening of the financial sector. The project is going to support the establishment of a commercially oriented sustainable entity that will serve micro and small businesses that otherwise lack access to the banking services.

IFC’s involvement in supporting the establishment of a new licensed bank is expected to:

- encourage replication of sustainable microfinance institutions in the market,
- increase the number of clients (sub-borrowers) over the life of IFC’s investment while increasing employment and income generation, and
- encourage downscaling by commercial banks.

IFC’s investment will support institution building effort, which also stands to benefit from IFC’s global experience in setting up microfinance institutions in different parts of the world.

This is a Category FI Type 1 project according to IFC''s environmental and social review procedure. The project will establish and maintain an Environment and Social Management System (ESMS) to the satisfaction of IFC, to ensure that its investments are in compliance with applicable National Environment, Health, Safety and Social laws and regulations and IFC’s microfinance exclusion list. The Project will designate appropriate individuals who will have responsibility for the implementation of the ESMS. The project will submit annual environmental performance reports to IFC.

Contacts

For Inquiries About the Project, Contact

Magda Dulczewska, President
Fundusz Mikro Sp. Z.o.o.
Ul. Solec 38, 00-394 Warszawa
Telephone: 22 50 24 500
Fax: 22 50 24 502

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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. 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 Policy on Disclosure of Information that went into effect April 30, 2006.

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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