I and M Bank (Rwanda) PLC NASIRA Portfolio (FMO-62513)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Rwanda
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
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
Jun 27, 2023
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
I and M Bank (Rwanda) PLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 9.06 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.
Currency conversion note:
Bank reported 10593.34
Converted using 2023-07-20 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Aug 1, 2023

Disclosed by Bank Jul 20, 2023

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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.

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'.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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.

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.


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.

No project contacts provided at the time of disclosure.

Financial Intermediary - I&M Bank (Rwanda) PLC:

Address: I&M Bank (Rwanda) PLC, P.O. Box 354, Kigali, Rwanda
Phone: +250 78 816 2006 / +250 78 816 2000
Email: customerservices@imbank.co.rw / info@imbank.co.rw
Website: https://www.imbankgroup.com/rw/

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

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

How it works

How it works