According to the IFC, the proposed project consists of an investment package of up to US$55 million in the form of: (i) 1-year Working Capital Structure for up to US$50 million renewable twice up to a maximum tenor of 36 months, and (ii) a Trade Finance Facility of up to U$5 million to Al Baraka Bank Egypt, a new partner bank for IFC. The proceeds will be used to support the Bank’s expansion of its micro, small and medium enterprises (MSME) portfolio, including Women-owned MSMEs.
The IFC categorized the project as FI-2.
As stated by the IFC, Al Baraka Bank Egypt is listed on the Egyptian Stock Exchange (EGX). The largest shareholder is Al Baraka Banking Group, with a shareholding of 73.68%, a Bahrain-based investment business firm licensed by the Central Bank of Bahrain and is listed on the Bahrain Bourse. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 16 countries offering retail, corporate, treasury and investment banking services in accordance with the principles of Islamic Sharia. The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco, and Germany, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches.
Al Baraka Bank Egypt is headquartered in Cairo, with a network of 32 branches across the country.
General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384
Financial Intermediary - Al Baraka Bank Egypt:
Ahmed Atteya - Head of Financial Institutions Department
Address: Plot 29 Road 90, City Center, First Sector, 5th Settlement, New Cairo, Egypt.
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