MRC Programmatic Platform Middle East and Africa (IFC-41962)

Regions
  • Middle East and North 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
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
Jun 20, 2019
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
MRC PROGRAMMATIC PLATFORM (MPP)
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.
Project Cost (USD)
$ 170.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 26, 2019

Disclosed by Bank May 20, 2019


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Project Description

According to bank documents, the proposed MRC Programmatic Platform Middle East & Africa (MPP MEA) was designed to operationalize the framework for how IFC’s and WB’s interventions complement each other to support Mortgage Refinancing Companies (MRCs) across the MEA region and promote housing sector development. The investment component of the Platform consists of up to US$20 million in equity/quasi-equity in selected MRCs; and up to US$150 million in debt/bond participations. The team will request support from the IDA PSW including up to US$90 million from the Local Currency Facility (LCF), and up to US$5 million from the Blended Finance Facility (BFF). Through the $95 million financing IDA PSW will support a total project costs estimated to reach $500 million. For non-PSW eligible countries, other BF support could be tapped such as climate funds. The MPP MEA will request delegated authority from the Board to process investment.

Investment Description
  • International Finance Corporation (IFC)

Total Estimated Project Cost: Up to US$ 170.0 million

(i) Up to US$20.0 million straight equity or self-liquidating preferred instrument in 2 waves. In the initial wave, investments in the 5 most advanced MRC candidates for a total amount to up to US$10.0 million, supported by IDA PSW BFF which will co-invest with IFC, followed by a second wave of up to US$10.0 million covering investments in subsequent MRCs.

(ii) Up to US$150.0 million liquidity facility to support the MRCs bond issuance programs and other debt needs, to be supported by $90.0 million investment from IDA PSW LCF in order to provide local currency solutions to MRCs’ financing.

Contact Information

*Contact information not provided at the time of disclosure*

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/