📋 Tender Overview
Project Number: 45749
Company Name: ASIALINK FINANCE CORPORATION
Date SPI Disclosed: Aug 28, 2024
Country: Philippines
Region: East Asia and the Pacific
Projected Board Date: Sep 27, 2024
Environmental Category: FI-2
Status: Pending Approval
Department: CF4E1 - Regional Industry - FIG Asia & Pac/FIG South East Asia & Pacific
Industry: Financial Institutions
Sector: Finance Companies
Project Description:
The proposed investment aims to support Asialink Finance Corporation (AFC) to expand its financing towards MSMEs, including WMSMEs, through a senior loan financing package of up to U$130mn that includes IFC own account and B1 Loan/Parallel Loan mobilization. IFC will also provide a cross-currency swap to help AFC hedge the currency and interest rate risk from the IFC investment.
Incorporated in 1997, AFC is one of the leading Non-Bank Financial Institutions (NBFI) in the country. It is part of the Asialink Group of Companies (the Group) which includes Global Dominion Financing Inc. (GDFI) and South Asialink Finance Corporation (SAFC). The Group focuses on providing vehicle-backed financing to MSMEs and retail clients.
Total project cost and amount and nature of IFC's Investment: IFC’s proposed investment consists of a 4-year senior loan of up to US$100 million from IFC’s own account, and mobilization of up to U$30 million from B1 Loan Participants/Parallel Lenders, and a cross-currency swap with it, to help the Company grow its portfolio of MSMEs, including WMSMEs.
Financing Sources:
2) World Bank (WB)
1818 H Street, NW Washington, DC 20433 USA
Tel : (202) 473-1000
https://www.worldbank.org/
