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18/09/2008
BeneficiaryAga Khan Agency for Microfinance (AKAM)
The proposed operation consists of an equity participation in First Microfinance Institution Syria(FMFI), a licensed institution specialised in microfinance and providing a broad range of financial services to the poor and the underserved population of Syria.
The operation will help to alleviate the poverty of the Syrian rural and urban population, develop the local financial sector by supporting the establishment of a new institution, and introduce new financial products over time, such as saving deposits and insurance for the underserved and “un-banked” poor.
Up to EUR 2 million, corresponding to a 16% stake in the total capital of FMFI.
Total costThe total capital of FMFI after the capital increase is estimated to be around EUR 12 million.
Environmental aspectsNot applicable (intermediated private sector investment).
Not applicable (private sector investment).
Signed - 18/12/2008.
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