29381 - Urwego Opportunity Bank Rwanda SA

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Summary of Proposed Investment

Project Number

29381

Company Name

URWEGO BANK LTD

Date SPI Disclosed

Jul 2, 2010

Country

Rwanda

Industry

Financial Markets

Projected Board Date

Aug 2, 2010

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Regional Industry - FIG Africa

Environmental Category

Previous Events

Approved : Sep 2, 2010
Signed : Jun 2, 2011
Invested : Dec 29, 2011

Project Description

Urwego Opportunity Bank of Rwanda (UOB) is a licensed microfinance bank with a nation-wide outreach in Rwanda. The project objective is to provide local currency liquidity in support of UOB’s growing loan portfolio while the bank continues to expand the deposit volume and deposit taking branch network. The project consists of local currency debt of up to RWF 2.0 Billion (equivalent to approximately $3.5 Million) and will make use of the recently signed swap counterparty agreement between IFC and the National Bank of Rwanda.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	3.90
Equity

Development Impact

This project will have a high development impact considering that microfinance has been shown to play a major positive role in reducing poverty and unemployment in developing countries. The initiative will strengthen the leading microfinance institution in Rwanda by financing the company’s planned portfolio growth and expansion. The initiative will also develop the Rwandan local currency swap market as one of, if not the, first swapped IFC loan into Rwandan Francs. Development impact will be measured on the basis of financial and operational performance of the institution, its expanded product offer and outreach, and adherence to sound corporate and social governance (including environmental compliance).

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 and as this is the first project supported by IFC with Urwego Opportunity Bank of Rwanda, the project will be required to: (i) 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 Microfinance Exclusion List, (ii) identify qualified persons to manage and implement the procedure, (iii) demonstrate commitment and resources to implementing the procedure, (iv) demonstrate commitment to applying the labor standards established by the IFC Performance Standard 2: Labor and Working Conditions, (v) submit a periodic report to IFC as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Jeffrey J. Lee, CEOUrwego Opportunity Bank P.O Box 748 Plot 1230 Avenue de la Paix Kigali, Rwanda +250 877302209 jeffrey@uob.rw www.uob.rw

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

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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