Vitas Leb II (IFC-38049)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Lebanon
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
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
FI
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
Aug 5, 2016
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
Vitas SAL
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 4.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 28, 2018

Disclosed by Bank Apr 25, 2016

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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.

According to IFC website, the project involves a senior loan of up to US$ 4 million to Vitas S.A.L., a microfinance institution in Lebanon. Proceeds of the loan will be used to support the Company loan portfolio growth and increase access to funding needs of micro entrepreneurs and low income people in Lebanon, and create jobs through greater financial inclusion as it targets segments and geographies underserved by the financial system.

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.

VITAS S.A.L. was established in 2003, as a Lebanese joint stock company. In 2007, the company was registered with the Central Bank of Lebanon to be the first microfinance institution operating as a regulated non-bank Finance Institution (NBFI) in Lebanon. In 2012, it became a subsidiary of “VITAS Group” and Currently, VITAS S.A.L. is one of the leading microfinance providers in Lebanon, serving its clients across the country both directly as well as in partnership with local Lebanese Banks.

VITAS S.A.L. is 99.99% owned by VITAS Group with the remaining shares are owned by Board members as required by Lebanese law. VITAS Group is a private financial holding group launched in 2010, it is owned by both: “Global Communities”; an international NGO and “Bamboo Financial Inclusion Fund”, headquartered in Luxembourg with 71% and 29% ownership stake respectively.


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.

Project Contact: Mr. Ziad Halaby
General Manager, Vitas S.A.L.
4th floor, S & S center, Jisr El-Bacha road Hazmieh Lebanon
Telephone No.:+961 5 959 859
Fax No.: +961 5 957 857

ACCOUNTABILITY MECHANISM OF THE IFC

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/

How it works

How it works