Vitas Leb II (IFC-38049)

Regions
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Countries
  • Lebanon
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
Aug 5, 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
Vitas SAL
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)
$ 4.00 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 28, 2018

Disclosed by Bank Apr 25, 2016


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Project Description

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.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

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.

Contact Information

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/