VITAS PALESTINE MICROFINANCE COMPANY
Status: Approved investmentWhy disclosure?
FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more
In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
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
Vitas Palestine (“Vitas”) is the second largest MFI in Palestine. Its mission is to support unbanked people to improve and sustain their lives and businesses by providing them the financial resources needed to support their economic activity and improve their standard of living.
What is our funding objective?
Vitas will use the new facility to continue funding clients in underserved areas of Palestine. The objective of these funds is to extend access to finance for micro-sized enterprises.
Why do we fund this investment?
Transaction perfectly fits in FMO’s strategy to increase our activities in the MENA region. FMO believes that stable access to finance for micro enterprises contributes to economic development. With this long-term financing FMO supports Vitas in its mission to extend access to micro enterprises. Shown by its mission and track-record, Vitas plays an important role contributing to economic development in various (underserved) sectors.
What is the Environmental and Social categorization rationale?
The project has been categorised as Category C in accordance with FMO’s Sustainability Policy. The Project’s activities are deemed to have minimal or no adverse environmental and social risks and/or impacts. As part of the Project, Vitas Palestine will be required to apply the EDFI Exclusion List and Palestine E&S laws and regulations.
- Region
- Asia
- Country
- The Palestinian Territories
- Sector
- Financial Institutions
- Publication date
- 3/24/2020
- Effective date
- 5/1/2020
- Total FMO financing
- USD 5.00 MLN
- Funding
- MASSIF
-
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) - C