Signature(s)
Amount
€ 2,000,000
Countries
Sector(s)
Syrian Arab Republic
: € 2,000,000
Services
: € 2,000,000
Signature date(s)
18/12/2008 : € 2,000,000
Link to source
Data sheet
Other links
Summary sheet
Release date
18 September 2008
Status
Reference
Signed | 18/12/2008
20080401
Project name
Promoter - financial intermediary
First Microfinance Institution Syria
Aga Khan Agency for Microfinance (AKAM)
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to EUR 2 million, corresponding to a 16% stake in the total capital of FMFI.
The total capital of FMFI after the capital increase is estimated to be around EUR 12 million.
Location
Sector(s)
Description
Objectives
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.
Environmental aspects
Procurement
Not applicable (intermediated private sector investment).
Not applicable (private sector investment).
Link to source
Summary sheet
Other links
Data sheet