SLGP RSF Yoma Bank (IFC-42601)

Countries
  • Myanmar
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
Proposed
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
Apr 1, 2020
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
Government of Myanmar
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)
$ 30.00 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.
Loan Amount (USD)
$ 30.00 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.
Project Cost (USD)
$ 60.00 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 Mar 25, 2020

Disclosed by Bank Mar 2, 2020

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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 bank documents, "the proposed project consists of an unfunded risk sharing facility (“RSF”) for a portfolio of loans to small and medium enterprises (“SMEs”) and very small enterprises (“VSEs”) to be originated by Yoma Bank Limited (the “Bank” or “Yoma Bank”) with 35 percent of the loans being targeted at women owned or managed SMEs or VSE.
The project is part of IFC’s Small Loan Guarantee Program (“SLGP” or “Program”) which is supported by the IDA18 IFC-MIGA Private Sector Window Blended Finance Facility which aims to enhance and strengthen the capacity of financial institutions (“FIs”) for risk taking and financing to SMEs and VSEs in IDA countries."

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

Yoma Bank is a private bank founded in July 1993 and is currently majority-owned by First Myanmar Investment Public Company Limited (“FMI”) with 48.4 percent shareholding and Yangon Land Co., Ltd with a 34.5 percent equity stake, both of which are controlled by Mr. Serge Pun.

FMI is an investment company primarily focusing on investing in financial services, real estate, healthcare and tourism sectors while Yangon Land Co., Ltd is a real estate development company.

The Government of Singapore Investment Corporation (“GIC”) is the third-largest shareholder with an equity stake of 8.2 percent while IFC has a shareholding of 5.1 percent. The balance of 3.8 percent is held by another minority shareholder, U Zaw Moe Khine.   

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - First Myanmar Investment Public Company Limited Parent Company -
- - - - The Government of Singapore Investment Corporation Parent Company -
- - - - Yangon Land Company Limited Parent Company -
- - - - Yoma Bank Client -

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.

Yoma Bank Limited
Dean Cleland
Chief Executive Officer
+95 1 9345 255
deancleland@yomabank.com
HAGL Myanmar Center Tower, Kabar Aye Pagoda Road, Bahan TownshipYangon, Myanmar
www.yomabank.com 
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ACCOUNTABILITY MECHANISM OF 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