As stated on the project disclosure page, the FMO is providing a USD 10mln "NASIRA" portfolio guarantee with a possibility to top up to USD20 mln within one year of effectiveness. The facility provides credit risk sharing for I&M Rwanda's MSME portfolio with a focus on MSME loans to women, youth and agriculture clients. With this guarantee in place, FMO will be supporting I&M Rwanda to increase their lending to MSMEs by managing the potential credit risks for the underlying portfolio.
I&M Rwanda is an existing client of FMO and a well performing bank with strong footprint across Rwanda. They are expanding more into MSME lending with FMO's portfolio guarantee providing them with the support required to increase their MSME portfolio while managing the potential credit risks. FMO will also be providing Technical Assistance to support I&M Rwanda in delivering their MSME lending strategy. This investment has a FMO Reducing Inequalities label as it contributes to the economic development of Rwanda which is categorized as 'least developed country'.
As stated by the FMO, incorporated in 1963, I&M Bank (Rwanda) Plc is the oldest bank in Rwanda. It is today one of the leading players in the industry with a strong footprint across the country. I&M Bank Rwanda offers the full range of personal, business, institutional and corporate banking products throughout its locations. The bank has been listed on the Rwanda Stock Exchange since March 2017 and is a subsidiary of I&M Group PLC, a leading regional financial services group in Eastern Africa with a presence in Kenya, Tanzania, and Uganda as well as a joint venture in Mauritius.
No project contacts provided at the time of disclosure.
Financial Intermediary - I&M Bank (Rwanda) PLC:
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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