FCHF Mortgages (IFC-43912)

Countries
  • Namibia
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
C
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
Sep 4, 2020
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
FIRST CAPITAL TREASURY SOLUTIONS PTY LTD
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.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 48.00 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 Aug 5, 2020

Disclosed by Bank Aug 4, 2020

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Contact the EWS Team

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 provided information, the proposed project consists of two stages:

  1. IFC to provide a 3-year senior secured loan of up to ZAR801 million (US$48 million equivalent) to Namibia Home Loans (Pty) Ltd, a special purpose vehicle. First Capital Treasury Solutions (Pty) Ltd (FCTS or the Servicer) will provide the junior tranche of up to N$178 million while other investors will be providing an additional ZAR801 million. With total commitments of up to ZAR1,780 million (US$107 million equivalent), Namibia Home Loans will be providing mortgage financing to un(der)served families, promoting access to affordable housing in Namibia.
  2. On year 3, once the mortgage pool is in place, FCTS plans to place the notes issued by Namibia Home Loans and backed by the portfolio in a public securitization, aiming to broaden the investor base. To promote a successful placement of the first RMBS issuance in Namibia, IFC will be accompanying FCTS throughout the process. Then, IFC will have the Right of First Refusal to participate in, or purchase, a portion of the issuance for a total amount of up to ZAR801 million (US$48 million equivalent).
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The Project involves a 3-year senior loan of up to ZAR801 million (US$48 million equivalent) from IFC’s own account

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

First Capital Treasury Solutions was established in July 2009 focusing on providing value focused alternative investment asset class and today manages over N$1.2 billion in real estate assets in the affordable housing segment. Their main product offering is home loans targeted at the Government Institutions Pension Fund (GIPF) members. FCTS is a licensed asset manager and its financial services activities are tightly governed by the Namibian Financial Supervisory Authority (NAMFISA) who regulates non-bank financial services providers in insurance and asset management in Namibia. 


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.

First Capital Treasury Solutions (Pty) Ltd
Tafadzwa Mashozhera
Chief Finance Officer
+264 61 446700
mashozhera@firstcapitalnam.com 
124 John Meinert Street Windhoek
www.firstcapitalnam.com 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries 

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

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 

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How it works