LAFISE SA (IFC-40113)

Countries
  • Nicaragua
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 29, 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
Lafise Group-Panama Inc
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.
Loan Amount (USD)
$ 50.00 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 Jan 16, 2018

Disclosed by Bank Nov 22, 2017


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Project Description
From the IFC: The Project will provide to Lafise Bancentro (“Bancentro” or the “Bank”) a 7-year loan for small and medium enterprises (“SMEs”) and low and middle income home owners; and a 10-year subordinated debt to strengthen the Bank’s capital base, as well as fund Climate Smart projects. IFC's support will enable Lafise to expand the scale of its lending, by increasing the amount of SME and housing loans granted by them. This in turn is expected to have a threefold impact: an increase in affordable housing, credit for SMEs and Climate Smart projects.
Investment Description
  • International Finance Corporation (IFC)
The proposed IFC total investment in Lafise Bancentro includes: US$50 million for IFC’s own account comprised of a US$30 million senior loan and a US$20 million subordinated loan. IFC will also seek to mobilize up to US$50 million.
Private Actors
According to the IFC, LAFISE Bancentro is the largest banking subsidiary of LAFISE Group (“LAFG” or the “Group”). It is the second largest bank in Nicaragua in terms of assets with a 24% market share.
Contact Information
Grupo Financiero Lafise Justo Montenegro CFO – Lafise Group (505) 2255 8888 Ext 4309 jmontenegro@lafise.com Centro Financiero LAFISE, Km. 5.5, carretera a Masaya, Managua, Nicaragua https://www.lafise.com/blb/ 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/