Release date: 18 September 2008
Promoter – Financial Intermediary
Aga Khan Agency for Microfinance (AKAM)
Location
Description
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.
Objectives
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.
Sector(s)
Proposed EIB finance (Approximate amount)
Up to EUR 2 million, corresponding to a 16% stake in the total capital of FMFI.
Total cost (Approximate amount)
The total capital of FMFI after the capital increase is estimated to be around EUR 12 million.
Environmental aspects
Not applicable (intermediated private sector investment).
Procurement
Not applicable (private sector investment).
Status
Signed - 18/12/2008