FIF - WB&G WiB Cairo Amman Bank

Location:

West Bank and Gaza

Project number:

53498

Business sector:

Financial institutions

Notice type:

Private

Approval date:

06 Sep 2022

Status:

Approved

PSD disclosed:

05 Aug 2022

Project Description

Provision of a medium-term senior unsecured loan of up to USD 2.0 million (EUR 2.0 million equivalent) in favour of Cairo Amman Bank Palestine ("CABP") under the WB&G Women in Business ("WiB") Programme to support women-led MSMEs in West Bank.

Project Objectives

Expanding access to finance and know-how to women-led MSMEs, particularly in remote regions.

Transition Impact

ETI score: 80

The project contributes to the objectives of the WiB programme in West Bank and Gaza and, as such, is expected to support the Inclusive and Competitive transition qualities. It seeks to increase CABP's understanding and awareness of the needs of the female segment, by helping the Client to adapt its products and delivery mechanisms to meet the needs of women-led MSMEs. To this end, the investment project is accompanied by capacity building technical assistance.

Client Information

CAIRO AMMAN BANK FPSC

Cairo Amman Bank Jordan is a universal bank with Head Office in Amman and operating through a network of 100 branches and offices in Jordan and 22 in West Bank and Gaza.

EBRD Finance Summary

USD .00

N/A. The funding for the project will come from EBRD West Bank and Gaza Net Income Allocation Trust Fund ("WBGTF").

Total Project Cost

USD 2,000,000.00

USD 2,000,000

Additionality

(i) EBRD offers a combination of longer term financing and distinct instrument targeting women-led MSME sub-borrowers, filling a market funding gap and better suited to CABP's needs.

(ii) Knowledge, innovation and capacity-building: EBRD provides TC material to the timely realisation of the project's objectives, including support to strengthen the client's women-led MSME lending practices.

Environmental and Social Summary

Categorised FI (ESP 2019). Cairo Amman Bank Palestine will be required to continue to comply with EBRD's PRs 2, 4 and 9, implement the applicable EBRD's E&S Risk Management Procedures for MSME and Corporate loans, and submit AE&S Reports to the Bank. CABP will be required to apply the updated Exclusion List introduced with ESP 2019 as well as the new Referral list.

Technical Cooperation and Grant Financing

Cairo Amman Bank Palestine will benefit from tailored technical assistance support for on-lending to local women-led MSMEs. In addition, CABP will also benefit from a First Loss Risk Cover ("FLRC") funded from either the West Bank and Gaza Net Income Allocation Trust Fund ("WBGTF") or the European Union SEMED MSME Financial Inclusion Programme ("EU SEMED MSME FIP"), to support the client in the testing and adaptation of new requirements and products for women-led MSMEs.

Company Contact Information

Firas S. Najjab, Deputy Regional Manager / Business Group
Firas.Najjab@CAB.ps
+970 2 297 7230
+970 2 297 9758
https://www.cab.ps/
P.O. Box 1870, Ramallah, Palestine

Implementation summary


PSD last updated

05 Aug 2022

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

 

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