A AND B TECH LLC (FMO-55655)

Regions
  • Middle East and North Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
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
Mar 12, 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
Vitas Group
The holder of the loan, grant, or other investment.
Sectors
  • Communications
  • Industry and Trade
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)
$ 0.05 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 17, 2020


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Project Description

According to bank provided information, the aim of this project is to provide strategic guidance to senior management to local teams of Vitas Group in order to build the technology management capacity of subsidiaries and its IT support unit in Serbia.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

Vitas Group (“Vitas”) is a Global Communities enterprise established in 2006 to own and operate Global Communities’ commercially oriented microfinance institutions. Vitas is the largest commercial network of MSME lending companies in the Middle East and is the first investment vehicle of its kind in the region. Contracting is with AandB Tech LLC (Finconecta), Digital Strategy Consultants and Fintech.

Contact Information

*Contact information not provided at the time of disclosure*

ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism