Alter Modus (IFC-37435)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Montenegro
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
Approved
Bank Risk Rating
FI
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
Jul 30, 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
ALTER MODUS D.O.O.
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)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 4.46 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 29, 2018

Disclosed by Bank Apr 19, 2016


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Project Description

Microcredit Financial Institution Alter Modus DOO is the leading microfinance lender in Montenegro with an outstanding portfolio of approximately EUR 31.4 million and close to 17,600 active borrowers in the end of 2015. The project seeks to partner with Alter Modus as a platform to provide access to finance to the segment.

Investment Description
  • International Finance Corporation (IFC)

According to the bank website:

Alter Modus is the leading microfinance player in the market. Founded in 1997 Alter Modus was established as a Non-Governmental Organization (NGO) whose most important financiers/donators were United Nations High Commissioner for Refugees (UNHCR), the Danish Refugee Council (DRC), Church World Service (CWS), Mercy Corps and U.S. Department of Agriculture (USDA). Implementation of microcredit social program began in autumn of 1999 through support to micro and small entrepreneurs in Montenegro with limited access to financial resources. In its inception Alter Modus NGO implemented the program of commodity grant loans intended to the most vulnerable ones, the refugees and internally displaced population as well as to the persons with disabilities. Alter Modus NGO later started implementing commercial microcredit program and in 2008 established Alter Modus Limited Liability Company (LLC) to carry on the complete lending program. Alter Modus NGO is the sole owner of Alter Modus LLC.

Private Actors

Alter Modus is the leading microfinance player in the market. Founded in 1997 Alter Modus was established as a Non-Governmental Organization (NGO) whose most important financiers/donators were United Nations High Commissioner for Refugees (UNHCR), the Danish Refugee Council (DRC), Church World Service (CWS), Mercy Corps and U.S. Department of Agriculture (USDA). Implementation of microcredit social program began in autumn of 1999 through support to micro and small entrepreneurs in Montenegro with limited access to financial resources. In its inception Alter Modus NGO implemented the program of commodity grant loans intended to the most vulnerable ones, the refugees and internally displaced population as well as to the persons with disabilities. Alter Modus NGO later started implementing commercial microcredit program and in 2008 established Alter Modus Limited Liability Company (LLC) to carry on the complete lending program. Alter Modus NGO is the sole owner of Alter Modus LLC.

Contact Information

Project Contact: Ana Kentera
Chief Executive Officer, Alter Modus d.o.o
Bulevar Ivana Crnojevica 2, Podgorica, Montenegro
Tel: 382 20 655 280
Fax: 382 20 655 260
Email Address: ana.kentera@altermodus.me

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/