Al Majmoua II (IFC-39075)

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
Proposed
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
May 31, 2017
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
THE LEBANESE ASSOCIATION FOR DEVELOPMENT
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)
$ 7.00 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 Aug 27, 2018

Disclosed by Bank Apr 24, 2017


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Project Description

The proposed project will be IFC’s second engagement with The Lebanese Association For Development (“Al-Majmoua”). Proposed project includes a senior loan and a Risk Sharing Facility to support Al- Majmoua grow its activities in Lebanon and reach out to more of the underserved target clientele especially the very small enterprises and micro entrepreneurs. Furthermore, through this project, Al-Majmoua will be able to provide needed support and help alleviate the hardship dictated on local communities as a result of the current economic situation and the influx of refugees over the past few years.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

The project sponsor is Al-Majmoua (The Lebanese Association for Development), a leading microfinance institution (MFI) in Lebanon. Al-Majmoua started in 1994 by Save the Children (USA), as a microfinance program with the mission of promoting sustainable development by improving the economic and social conditions of low-income individuals, especially micro-entrepreneurs and women. In 1998, the program was spun-off into an independent local NGO registered with the Ministry of Interior. Over the years, Al-Majmoua managed to build a reputable franchise to become a leading MFI in Lebanon with about 62,000 active clients, of which 57% are women, and US$58 million in net outstanding loan portfolio (as of December 31 2016). Al-Majmoua serves its clients through a network of 27 branches and a team of 358 people.

Contact Information

Fatma Mohamed Aziz Sidky
Investment Officer, International Finance Corporation 
Telephone No.: +1 (202) 2461 4288
Email Address: fsidky@ifc.org
Office Address: Nile City Towers, North Tower, 24th Floor. 2005C Corniche El Nil, Ramlet Boulac. Cairo, Egypt

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/