FIF - Palestine for Credit and Development (FATEN) Loan (EBRD-51670)

Countries
  • Palestine, West Bank, Gaza
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
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
Sep 2, 2020
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
Palestine for Credit and Development
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.
Investment Amount (USD)
$ 3.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 3.00 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 @ EBRD website

Updated in EWS Aug 3, 2020

Disclosed by Bank Jul 28, 2020


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Project Description

According to bank provided information, the investment involves the provision of an SME loan of up to USD 3.0 million (EUR 2.6 million equivalent) in favor of Palestine for Credit and Development (FATEN), a non-profit microfinance institution incorporated in the West Bank.

The credit line will be used by FATEN to on-lend to MSMEs in the West Bank with a focus on those operating in the agribusiness sector.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Private Actors

Palestine for Credit and Development (FATEN) was established in its current form in 1999 as a private non-profit company registered with the Palestinian Ministry of Economy. In May 2014, FATEN became licensed by the Palestine Monetary Authority (PMA). Since its establishment, FATEN has played a key role in supporting the MSME sector in the West Bank and Gaza, creating job opportunities and reducing poverty and unemployment rates.

Contact Information

Lubna Aboudi
lubna.aboudi@faten.org
+970 2 296 1471
www.faten.org 
Al-Tireh, P.O Box 2446, Ramallah, West Bank & Gaza

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request 

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html