Vitas Palestine Microfinance Company - NASIRA Portfolio
Status: Approved investmentWhy disclosure?
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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
The contracting party is Vitas, the second-largest microfinance institution (MFI) in Palestine. Its mission is to support unbanked people to improve and sustain their lives and businesses by providing them with the financial resources needed to support their economic activity and improve their standard of living. Vitas has taken a USD 10mln revolving portfolio guarantee on existing and new MSME loan portfolio of COVID-19-affected, youth and female entrepreneurs based in Palestine.
What is our funding objective?
The project aims to strengthen the skills of key staff members from the Vitas team through specialized training that leads to professional certification in IT. This training focuses on the latest challenges faced by organizations, helping participants adopt a proactive mindset to anticipate and address potential threats. The curriculum covers a range of topics related to both cloud-based and traditional systems, ensuring that trainees are well-equipped to identify and manage risks. The overarching goal of the project is to enhance the operational resilience of the client and protect end-customers.
Why do we fund this investment?
This investment focuses on mitigating risks for FMO's financial institution partners, which is at the core of the NASIRA Technical Assistance Framework (TAF) mandate.
More investments
| Date | Total FMO financing |
|---|---|
| 4/1/2022 | USD 9.00 MLN |
| 4/1/2022 | USD 0.50 MLN |
- Region
- Asia
- Country
- The Palestinian Territories
- Sector
- Financial Institutions
- Publication date
- 10/21/2024
- Effective date
- 7/11/2024
- Total FMO financing
- USD 0.02 MLN
- Funding
- FMO NV
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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