Complaint > Wilmar Group-01/West Kalimantan

Monitoring: English

...financial products (trade facilities) without proper consideration of the sector and country context of the investment. IFC should not have assumed that a trade facility project would be a Category C project without appropriate screening of the full context of the investment. IFC should have considered the impacts of its investment, rather than a narrow interpretation of specific financial flows. CAO Monitoring Conclusion 3.3.3 See discussion on Audit Report Observations 3.1.2 and 3.2.1. This it...

Complaint > Real LRIF-01/Coban

Management Response: English

...Financial Intermediaries ("Fis"), which in this case involves IFC investing as a Limited Partner ("LP") investor in a fund. While we appreciate CAO's observations, it is worthnoting that the Environmental and Social Due Diligence (ESDD) review framework applied to this Project is the most rigorous under IFC's procedures and is considered best practice in the investor community - going well beyond any existing market approach today. IFC recognizes the challenges associated with doing business in ...

Complaint > Agri-Vie Fund-01/Kiboga

Filing: Letter of complaint regarding New Forests Company, Luwunga Plantation; IFC financing via Agri-Vie Fund PCC (Project Number: 27674), December 20, 2011

...financial intermediary, Agri-Vie Fund PCC (Project Number: 27674), which holds an equity stake in and a seat on the board ofNFC. As part of its due diligence before investing in Agri- Vie, IFC conducted a field appraisal of another of NFC's plantations, the Namwasa plantation in Mubende district, on 16-18 March 2010. The purpose of the appraisal was to investigate allegations of forcible eviction and harassment of communities that IFC had become aware of from media reports, to review the ...

Complaint > Agri-Vie Fund-02/Mubende

Filing: Letter of complaint regarding New Forests Company, Namwasa Plantation; IFC financing via Agri-Vie Fund PCC (project Number: 27674), December 20, 2011

...financial intermediary, Agri-Vie Fund PCC (Project Number: 27674), which holds an equity stake in and a seat on the board ofNFC. As part of its due diligence before investing in Agri- Vie, IFC conducted a field appraisal of the Namwasa plantation on 16-18 March 2010. The purpose of the appraisal was to investigate allegations of forcible eviction and harassment of communities that IFC had become aware of from media reports, to review the compliance of the resettlement process with IFC P...

Complaint > PT Weda Bay Nickel-01/Weda Bay

Filing: Complaint (English), July 2, 2010

...financially feasible alternatives to the source of impacts” and documentation of the selection rationale; that the assessment will identify vulnerable groups; that “the client will establish and manage a program of mitigation and performance improvement measures and actions that address the identified social and environmental risks and impacts;” that community engagement will be “free of external manipulation, interference, or coercion, and intimidation, and conducted on the basis of timely, rel...

Complaint > CIFI-01/Hidro Santa Cruz

Eligibility: CAO Assessment Report CIFI - May 18_2016 - English

...financial institution to provide financing to small and medium infrastructure projects across Latin America and the Caribbean. IFC’s investment is for the implementation of CIFI’s business plan, including expected asset growth and operational consolidation, as well as potential access to long-term funding through the international capital markets. CIFI has indicated that as part of its projects portfolio they granted a credit facility to Hydro Santa Cruz, S.A. (HSC), a legally constituted busine...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Eligibility: CAO Assessment Report - Philippines/ RCBC-01 - April 2019 - English

...financial products and services, including commercial and retail banking, credit cards, asset management, and treasury and investment banking products and services. IFC’s investments aim at supporting RCBC’s growth in the areas of micro-finance, small and medium-sized enterprises, and retail banking, as part of IFC’s strategy to support the Philippine financial markets through investments in local financial institutions that play a key role in providing access to finance to underserved sectors. ...

Complaint > Avianca-01/Bogota

Monitoring: Monitoring and Closing Report, Avianca-01, May 2017

...financial intermediary (FI) investments. Contextual risk analysis is now mandatory for E&S Specialists to complete. In relation to PS2, in particular, the ESRD lists “Labor” as a potential contextual risk, and includes US Department of Labor and ILO Reports as potential resources for contextual risk identification.  IFC reported that numerous references to contextual risk will be included in a forthcoming update t...

Complaint > India Infrastructure Fund-01/Dhenkanal District

Filing: Letter of Complaint from Odisha Chas Parivesh Surekhsa Parishad and the Delhi Forum, April 15, 2011

April 15, 2011 Vice President Meg Taylor Compliance Advisor/Ombudsman International Finance Corporation 2121 Pennsylvania Ave NW Washington DC 20433 USA Fax: +1 202 522-7400 Email: cao-compliance@ifc.org Dear Vice President Taylor, We, the Odisha Chas Parivesh Surekhsa Parishad and the Delhi Forum would like to bring to your attention our complaint over the serious concerns associated with the IFC’s lending through financial intermediaries (FIs) in India. Odisha Chas Parivesh Surekhsa Parishad (...

Complaint > Dinant-02/Rio Aguan

Appraisal: English

...financial markets and advisory. CAO assesses how IFC/MIGA assured itself/themselves of the performance of its business activity or advice, as well as whether the outcomes of the business activity or advice are consistent with the intent of the relevant policy provisions. In many cases, however, in assessing the performance of the project and IFC’s/MIGA’s implementation of measures to meet the relevant requirements, it will be necessary for CAO to review the actions of the client and verify ...

Complaint > Dinant-03/Aguan Valley

Appraisal: English

...financial markets and advisory. CAO assesses how IFC/MIGA assured itself/themselves of the performance of its business activity or advice, as well as whether the outcomes of the business activity or advice are consistent with the intent of the relevant policy provisions. In many cases, however, in assessing the performance of the project and IFC’s/MIGA’s implementation of measures to meet the relevant requirements, it will be necessary for CAO to review the actions of the client and verify ...

Complaint > PT Weda Bay Nickel-01/Weda Bay

Filing: Keluhan (Indonesia), 2 Juli, 2010

...financially feasible alternatives to the source of impacts” and documentation of the selection rationale; that the assessment will identify vulnerable groups; that “the client will establish and manage a program of mitigation and performance improvement measures and actions that address the identified social and environmental risks and impacts;” that community engagement will be “free of external manipulation, interference, or coercion, and intimidation, and conducted on the basis of timely, rel...

Complaint > Amaggi Expansion-01/IFC Executive Vice President Request

Compliance Report: English

...financial intermediary client’s on-lending activities10. Amaggi’s Environmental Management System includes 13 management programs, dealing with aspects such as: the legal and regulatory framework; worker health and safety; occupational health; and environmental evaluation. One of these management programs specified requirements for the environmental orientation of pre-financed suppliers. This addressed aspects such as: conducting technical inspections of pre-financed suppliers; training of pre-f...

Complaint > India Infrastructure Fund-01/Dhenkanal District

Monitoring: English

...financial closure in May 2009, raising a total of US$953m (debt and equity).5 Phase one of the Kamalanga project, comprising three 350MW generation units, is 1 The CAO investigation, IFC’s Official Response to the investigation, and related materials are available on the CAO website. See https://goo.gl/yXYAvW. 2 Livemint, April 27, 2009. India Infrastructure Fund invests $50m in two toll road projects. Available at https://goo.gl/6Vv3BR. 3 The Fund describes projects the Fund invests in a...

Complaint > Yanacocha-02/Cajamarca

Eligibility: Report of the Independent Evaluation of the Mesa de dialogo y consenso CAO-Cajamarca, May 2005

...financial and technical support of the CAO. Within this framework, the Team: a) assessed the structure, organization, and operational behavior of the Mesa, including the conduct of its Board of Directors and General Assemblies b) reviewed the performance of the Mesa in light of its stated mission and strategies and the specific objectives contained in its annual work programs, with particular emphasis on the objectives of preventing and resol...

Complaint > Quellaveco Mining-01/Moquegua

Compliance Report: English

...Financial Intermediary (FI) – may include financing a variety of subprojects that may result in environmental impacts, thus requiring environmental review by the financial intermediary, in 17 accordance with this IFC procedure. While the definition of each category has been developed with new iterations of IFC’s environmental and social policy, the core categories have not changed significantly since they were first defined (see A...

Complaint > Wilmar Group-01/West Kalimantan

Compliance Report: English

...financial intermediary projects. 2 http://www.ifc.org/ 9 Audit Report C - I - R6 - Y08 – F096 Environmental Assessment, and related action plans to address potential impacts; and assessments and actions related to provisions given for land acquisition and involuntary resettlement, for biodiversity conservation and sustainable natural resource managemen...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Eligibility: CAO Assessment Report - Philippines/ RCBC-01 - April 2019 - Filipino

...financial intermediary portfolio nito; ang pagsubaybay at pamamahala nito sa pagganap ng RCBC sa usaping pangkapaligiran at panlipunan, lalo na’t may pamumuhunan ito sa mga negosyong may potensyal na magdulot ng malalaki at masasamang epekto sa kapaligiran at lipunan, o kaya ay mga epekto na kakaiba (diverse), hindi na maibabalik (irreversible), at hindi pa nangyayari kailanman (unprecedented), katulad ng pamumuhunan sa sektor ng coal; at sa pagsunod sa sarili nitong mga polisiya at patakaran na...

Complaint > Nedbank Tier II-01/Kintinian

Filing: Letter of complaint to CAO with annexes - Nedbank-01 - April 2017

...FINANCIAL LINKS BETWEEN IFC AND THE SIGUIRI MINE 6. There is limited transparency of IFC's financial intermediary portfolio. IFC publicly releases very little information about its financial intermediary transactions, and what it does publish on its website is not always accurate and reliable. In relation to its investments in commercial banks, IFC does not publish any information on its sub- clients. As a result, it is extremely challenging for project affected people to find out whether IFC is...

Complaint > Agrokasa-01/Ica

Compliance Report: CAO Audit of IFC Investments in Agribusiness in the Ica Valley, Peru, February 22, 2011

...financial intermediary projects.” 10 Audit Report C - I – R9 – Y10 – F126 water issues were raised by the Corporate Investment Committee.4 The IFC Agribusiness Department (CAG) concluded that for the Ica Valley farms, water supply to Agrokasa was adequate and was expected to remain so in the future without relying on new wells to be drilled. This investment in Agrokasa was reviewed according to the...