According to IFC website, an investment package of up to $30 million, comprised of local currency direct loans or participation in bond issuances by: Bayport Tanzania (US$10 million equivalent) and Bayport Zambia (US$10 million equivalent); a potential $10 million for Bayport Colombia or Bayport Mexico in the next 6-12 months. In addition to that, IFC will provide a Risk Management Line of up to US$1 million, to allow Bayport Management Limited, Bayport Zambia, or Bayport Tanzania swap part of its US$ denominated borrowings into local currencies. The project has the following development impacts:
i) Access to finance for education, housing, healthcare and SMEs: increasing the access to credit to low income borrowers primarily for education, housing and home improvements, small enterprise development, and healthcare expenses in Sub-Saharan Africa and Latin America;
ii) Access to finance in rural areas: project will aid access to financial services in underserved areas of African and Latin American; and
iii) Job creation: the Project will further job creation through the growth of the Companies the loans are being provided to as well as further stimulating productive spend amongst the consumer constituency.
Bayport is a provider of affordable, long-term personal unsecured credit and consumer finance solutions to the formally employed sector in emerging countries. Founded in 2001, there are currently ten subsidiaries in nine countries under the brand Bayport Financial Services. The Company services over 644,000 loans through 468 branches and employs 7,391 people, of which 4,261 are sales agents. Main shareholders are The Government Employees Pension Fund, represented by Public Investment Corporation (21%), Investment AB Kinnevik (24%), Helios Investment Partners (23%) and founders jointly (18%).
Project Contacts: Mr. Stuart Stone and Mr. Grant Kurland
2nd Flood, TC Watermeyer Building, Bayport House, 23A, 10th Avenue, Rivonia, 2128, South Africa
Telephone No.: +27 (0)11 236 7300
Fax No.: +27 (0)11 234 9285
Email Address: firstname.lastname@example.org
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