FirstRand SL (IFC-39943)

Countries
  • South Africa
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
U
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
Jun 9, 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
FIRSTRAND BANK LTD
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.
Project Cost (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 2, 2017

Disclosed by Bank May 5, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
The project consists of an unsecured 7-year senior loan of up to US$150 million to help the Bank grow its lending to Small and Medium Enterprises (“SMEs”) with a particular focus on underbanked SMEs to boost job creation in the country. A potential advisory component targeting the Bank’s SME borrowers would complement IFC’s efforts to address funding and capacity constraints to SMEs growth in the country through optimizing access to finance. Based on initial assessment, the advisory package would include training programs to improve the financial literacy of the SMEs and supply chain finance
Investment Description
  • International Finance Corporation (IFC)
Contact Information
Firstrand Limited Raymond Morrison Senior Manager and Regional Head Banks and DFIs - Developed Markets +27112824609 raymond.morrison@firstrand.co.za P O Box 786273 Sandton 2146 South Africa www.firstrand.co.za ACCOUNTABILITY MECHANISM OF IFC/MIGA 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/