Faten II (IFC-35149)

Countries
  • Palestine, West Bank, Gaza
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Aug 23, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
PALESTINE FOR CREDIT AND DEVELOPMENT
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 26, 2017

Disclosed by Bank Apr 21, 2016


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Project Description
Faten started as a program under Save the Children in 1995 and was spun-off in 1999 into a not-for-profit Company with a mission to serve the financial needs of low and middle income Palestinian entrepreneurs and individuals. Currently, Faten is the largest Micro Finance Institution (&#8220;MFI&#8221;) in West Bank &amp; Gaza (&#8220;WB&amp;G&#8221;) and serves its clients through an established network of 35 branches and staff of 219 people.<br><br>IFC is considering a potential investment in the form of a senior loan of up to US$ 5 million to support Faten&#8217;s micro and small and medium size enterprises (&#8220;MSME&#8221;) portfolio growth and the expansion of its reach to low and middle income Palestinian. The proposed project builds on IFC&#8217;s previous engagement with Faten, where IFC extended a US$ 3 million senior loan (project #30178), which has since been fully repaid.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Mr. Anwar Jayyusi – Managing Director Palestine for Credit & Development - Faten P.O.Box 2446, Ramallah West Bank and Gaza Tel: +970-2-2961470/1 Fax: +970-2-2961472 mailto:ajoyyosi@faten.org http://www.faten.org ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/