According to IFC website, the project involves a senior loan of up to US$ 4 million to Vitas S.A.L., a microfinance institution in Lebanon. Proceeds of the loan will be used to support the Company loan portfolio growth and increase access to funding needs of micro entrepreneurs and low income people in Lebanon, and create jobs through greater financial inclusion as it targets segments and geographies underserved by the financial system.
VITAS S.A.L. was established in 2003, as a Lebanese joint stock company. In 2007, the company was registered with the Central Bank of Lebanon to be the first microfinance institution operating as a regulated non-bank Finance Institution (NBFI) in Lebanon. In 2012, it became a subsidiary of “VITAS Group” and Currently, VITAS S.A.L. is one of the leading microfinance providers in Lebanon, serving its clients across the country both directly as well as in partnership with local Lebanese Banks.
VITAS S.A.L. is 99.99% owned by VITAS Group with the remaining shares are owned by Board members as required by Lebanese law. VITAS Group is a private financial holding group launched in 2010, it is owned by both: “Global Communities”; an international NGO and “Bamboo Financial Inclusion Fund”, headquartered in Luxembourg with 71% and 29% ownership stake respectively.
Project Contact: Mr. Ziad Halaby
General Manager, Vitas S.A.L.
4th floor, S & S center, Jisr El-Bacha road Hazmieh Lebanon
Telephone No.:+961 5 959 859
Fax No.: +961 5 957 857
ACCOUNTABILITY MECHANISM OF THE 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/