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

Regions
  • Middle East and North Africa
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 20, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MRC PROGRAMMATIC PLATFORM (MPP)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents 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
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.

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
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

*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/

How it works

How it works