📋 Tender Overview
Project Number: 46172
Company Name: CITY SAVINGS BANK, INC.
Date SPI Disclosed: Feb 13, 2024
Country: Philippines
Region: East Asia and the Pacific
Projected Board Date: Mar 13, 2024
Environmental Category: FI-3
Status: Pending Approval
Department: Regional Industry - FIG Asia & Pac
Industry: Financial Institutions
Sector: Commercial Banking - General
Project Description
The proposed investment is an up to US$100 million or in PHP equivalent own account investment in a senior, unsecured, fixed rate, Gender Bond or Loan to be issued by CSB with a tenor of 3 to 5 years. City Savings Bank, Inc. ( CSB or CitySavings ) is seeking to raise up to US$200 million equivalent (inclusive of the IFC investment amount) in total; IFC will aim to mobilize the financing gap of US$100 million. The bond is expected to be aligned with International Capital Markets Association (ICMA) social bond principles.
Total Project Cost and amount and nature of IFC's Investment: The proposed project is an own account investment by IFC in a gender loan or bond of CSB of up to US$100 million or in PHP equivalent with a tenor of 3 year bullet, or 5 year amortizing (with a grace period). Given the difference in the total funding requirement of CSB (US$200 million equivalent) and IFC’s own account investment, IFC will aim to mobilize the financing gap of US$100 million.
Financing Sources:
2) World Bank (WB)
1818 H Street, NW Washington,
DC 20433 USA
Tel : (202) 473-1000
https://www.worldbank.org/
