Project detail - I and M Bank (Rwanda) PLC NASIRA Portfolio

I and M Bank (Rwanda) PLC NASIRA Portfolio

Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Incorporated in 1963, I&M Bank (Rwanda) Plc is the oldest bank in Rwanda. It is today one of the leading players in the industry with a strong footprint across the country. I&M Bank Rwanda offers the full range of personal, business, institutional and corporate banking products throughout its locations. The bank has been listed on the Rwanda Stock Exchange since March 2017 and is a subsidiary of I&M Group PLC, a leading regional financial services group in Eastern Africa with a presence in Kenya, Tanzania, and Uganda as well as a joint venture in Mauritius.

What is our funding objective?

FMO is providing a USD 10mln “NASIRA” portfolio guarantee with a possibility to top up to USD20 mln within one year of effectiveness. The facility provides credit risk sharing for I&M Rwanda’s MSME portfolio with a focus on MSME loans to women, youth and agriculture clients. With this guarantee in place, FMO will be supporting I&M Rwanda to increase their lending to MSMEs by managing the potential credit risks for the underlying portfolio.

Why do we fund this investment?

I&M Rwanda is an existing client of FMO and a well performing bank with strong footprint across Rwanda. They are expanding more into MSME lending with FMO’s portfolio guarantee providing them with the support required to increase their MSME portfolio while managing the potential credit risks. FMO will also be providing Technical Assistance to support I&M Rwanda in delivering their MSME lending strategy. This investment has a FMO Reducing Inequalities label as it contributes to the economic development of Rwanda which is categorized as ‘least developed country’.

What is the Environmental and Social categorization rationale?

This facility has been categorized as Category A in accordance with FMO’s Sustainability Policy and based on I&M Rwanda’s overall loan portfolio and exposure to the corporate sector. Exposure to high E&S risk sectors is below 10%. I&M Bank Rwanda has created its E&S Policy statement in 2014, which was updated in 2019. Next to that the bank developed the E&S Management Procedures, explaining procedures as well as the different roles and responsibilities in the E&S credit process. An E&S Action Plan has been agreed to enhance the Environmental and Social Management System and E&S risk management practices, in line with I&M Group Policy to ensure the bank has adequate processes and procedures in place to manage the E&S risks in its portfolio accordingly.

More investments

Date Total FMO financing
6/27/2023 RWF 10593.34 MLN
Website customer/investment
Financial Institutions
Publication date
Effective date
Total FMO financing
RWF 345.44 MLN
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)