Project detail - I AND M BANK (RWANDA) PLC

I AND M BANK (RWANDA) PLC

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Who is our client

I&M Bank Rwanda, headquartered in Kigali, is one of the top 3 commercial banks in Rwanda and was established in 1963. It provides financial services to corporates, SMEs and retail customer. I&M Rwanda is part of the I&M Group, a leading financial services provider in East-Africa and long-standing partner of FMO. The Group was established in 1974 and operates in 4 countries: Kenya, Tanzania, Mauritius and Rwanda.

Funding objective

The proceeds of the loan will be used for general purposes and, on a best effort basis, for green lending (mainly hydro projects).

Why we fund this project

The transaction with I&M Bank Rwanda will allow FMO to expand its regional scope by increasing its footprint in East-Africa’s LDCs and by seeking exposure outside of the larger markets (South Africa and Kenya). In addition, I&M Bank Rwanda is part of the I&M Bank Group, long-standing partner of FMO. Through this transaction, we intensify our increasing collaboration with I&M in all countries of operations. This transaction provides FI with the opportunity to support green financing for the first time in Rwanda.

Environmental and social rationale

The Bank is classified as E&S category B in accordance with FMO’s policy. High-risk sectors represent less than 5% of the total portfolio and the average loan size is USD 30k.

Website client
https://www.imbank.com/rwanda/
Region
Africa
Country
Rwanda
Sector
Financial Institutions
Signing date
6/26/2020
Total FMO financing
USD 15.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B