DCM TMRC Investment (IFC-37277)

Countries
  • Tanzania
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
Proposed
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
Oct 1, 2018
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
TANZANIA MORTGAGE REFINANCE COMPANY LIMITED
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 Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 14, 2019

Disclosed by Bank Aug 30, 2018


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Project Description

The proposed Project consists of a funding package to Tanzania Mortgage Refinancing Company (“TMRC” or “the Company”), comprising of (a) a straight equity investment of up to US$2 million and (b) participation in TMRC’s Medium Term Note (“MTN”) Programme of up to US$10 million equivalent in Tanzania Shillings (“TZS”). The Project will strengthen TMRC’s balance sheet and enable long-term support for the growth of the mortgage financing market in Tanzania. The Project will be supported by the Local Currency Facility (“LCF”) of the IDA18 IFC-MIGA Private Sector Window (”IDA PSW”), created by the Word Bank Group to catalyze private sector investment in IDA countries, with a focus on fragile and conflict-affected states. The LCF will help deepen the regional capital markets by supporting longer-term local currency bond issuances, and will contribute to make homeownership more affordable thanks to the extension of mortgage loans maturities.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • Tanzania Mortgage Refinancing Company -- Implementing Company
Contact Information

Tanzania Mortgage Refinance Company Limited
Oscar Mgaya
CEO
+255 22 2133868
info@tmrc.co.tz
15th Floor, Golden Jubilee Tower, Ohio Street, Dar es Salaam, Tanzania
www.tmrc.co.tz

 

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/