25927 - Association Al Amana pour la Promotion des Microentreprises

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Summary of Proposed Investment

Project Number

25927

Company Name

AL AMANA MICROFINANCE

Date SPI Disclosed

May 4, 2007

Country

Morocco

Industry

Financial Markets

Projected Board Date

Jun 5, 2007

Status

Completed

Sector

Microfinance and Small Business - Non Commercial Banking

Department

Regional Industry - FIG Africa

Environmental Category

Previous Events

Approved : Jun 20, 2007
Signed : Jun 30, 2007
Invested : Dec 14, 2007

Project Description

Established in 1997, Association Al Amana pour la Promotion des Microentreprises (Al Amana) is the leading microfinance institution (MFI) in Morocco. Al Amana provides micro credit to low income groups and individuals in various sectors including commerce, agriculture. It has demonstrated a business model that works, an ability to scale up, and good management. However, with a high leverage, Al Amana’s future growth is constrained by its ability to raise further debt.

Through this project, IFC seeks to help Al Amana increase its capital base by providing a subordinated loan. IFC will also support the funding needs of Al Amana, by providing a partial credit guarantee (PCG) to help Al Amana raise senior debt.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	15.16
Loan	5.05
Equity

Development Impact

The proposed investment is expected to make high impact contribution by providing access to finance to micro and small enterprises, an area of key strategic priority to IFC. As IFC assists Al Amana with sourcing additional funding, this project would serve those segments of the population that lack access to credit, hence seeking to:

- reduce income disparities in the country, and
- contribute to job creation in underserved regions.

Through its involvement in Al Amana, IFC will play a critical role in the promotion of best practice in the leading MFI in Morocco. In addition, IFC will play an important catalytic role in assisting Al Amana to access financing through the growth of its capital base, while promoting the Association’s long term sustainability as it seeks to emerge as a leading financial institution in Morocco.

This project involves IFC support for the business of microfinance, and has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. Considering the nature of activities supported, the project will be required to:

- develop a procedure relevant to its business process, prior to disbursement, that is satisfactory to IFC, and that ensures that all its investments are screened and processed to avoid supporting activities on the IFC Microfinance exclusion list;
- identify qualified persons to manage and implement the procedure;
- demonstrate commitment and resources to implementing the procedure, and take action to remedy any gaps in implementation on an ongoing basis;
- submit a periodic report to IFC as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Mr. Fouad Abdelmouni, General Manager
Association Al Amana
28, Rue Oum Errabia, Agdal
Rabat, Morocco

Telephone: +212 37 77 01 41
Fax: +212 37 68 67 12

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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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