Genesis I (IFC-39578)

Countries
  • Guatemala
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
Dec 25, 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
GENESIS EMPRESARIAL
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Loan Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 29, 2017

Disclosed by Bank Nov 22, 2017


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Project Description
The project consists of two 3-year senior unsecured loans to Fundación Génesis Empresarial (“Genesis” or the “Company”), the largest microfinance institution (“MFI”) in Guatemala. The proceeds will finance the growth of Genesis’s micro and small loan portfolio (the “Project”).
Investment Description
  • International Finance Corporation (IFC)
The proposed IFC total investment consists of two senior unsecured loans for up to US$ 20 million total.
Private Actors
According to the IFC: Genesis is the largest microfinance institution (“MFI”) in Guatemala, serving around 100,000 clients, of which over 70% are women. In October 2017, Genesis received a Five-Star Social Rating from MicroRate, the highest score on the scale. Launched in 1988 as a foundation, Genesis was sponsored by USAID, the United States Agency for International Development founded in 1961; Acción Internacional , a global non-profit organization that supports microfinance institutions and was founded in 1961; and Fundación Tecnológica , a local non-profit organization. As a foundation, Genesis does not hold a shareholding structure.
Contact Information
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/