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Summary of Project Information (SPI) |
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| Project number | 9434 |
| Project name | SEF Foundation for Enterprise Finance and Development Bank |
| Country | Albania |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | ProCredit Bank Albania |
| Environmental category | FI |
| Date disclosed | May 27, 1999 |
| Status | Completed |
| Previous Events | Invested: May 12, 2000
Signed: July 23, 1999
Approved: June 29, 1999 |
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Summary Of Project Information (SPI)
| Project Name | Albania - SEF FEFAD Bank |
RegionCentral and Southern Europe
Sector
Project No009434
Projected Board DateJune 30, 1999
Company NameFEFAD Bank
Technical Partner and/or Major Shareholders
The sponsors of the project are Kreditanstalt fur Wiederaufbau (KfW), European Bank for Reconstruction and Development (EBRD), Inter-nationale Projekt Consult (IPC) and IFC, which will own 40%, 20%, 20% and 20% respectively. IPC, a consulting/financial services company with almost 20 years of experience in microfinance programs, is the technical partner.
Project Cost Including proposed IFC investment
Project cost - US$14 million equivalent. This will be funded by a US$9 million equivalent Loan from KfW and US$5 million equivalent of equity, including an up to US$1 million equivalent IFC equity investment.
Location of project and Description of site
FEFAD Bank is located in Albania, with its Head-Quarters based in Tirana, and branches located in Durres and Fier.
Description of Company and Purpose of Project
FEFAD Bank provides financial services on a commercial basis to private sector Albanian Micro- and Small sized Enterprises (MSEs). It was established in 1996 by the German KfW with a concessionary credit line and has received technical assis-tance from GTZ, the German development agency. The project should yield a development impact in Albania in two main areas: On MSEs by providing formal sector credit and on the financial sector by crea-ting a role model for other financial institutions. IFC’s main role is to help restructure the ownership and expand the project and participate in the governance of FEFAD to ensure that it is operated commercially and sustainably.
Environmental Category and Issues
This is a Financial Intermediary (FI) Type 1 microfinance project according to IFC's environmental review procedure. FEFAD will be required to undertake an environmental review of each subproject to ensure compliance with host country requirements and IFC’s Microfinance Exclusion list. IFC will assess FEFAD’s capability to carry out environmental reviews. In addition, FEFAD will be required to submit an annual environmental performance report.
The is from the InfoShop.
| Date SPI sent to InfoShop | May 27, 1999 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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