Complaint > India Infrastructure Fund-01/Dhenkanal District

Management Response: IFC's Response to CAO Compliance Investigation Report: India Infrastructure Fund

...Financial Intermediaries (FIs) investments can increase the reach and impact of IFC's environmental and social standards. There have been important lessons for IFC in this regard and our learnings from IIF and from the 2011 CAO FI sector audit have led to substantial and continuous improvement in IFC capacity, processes and expertise needed to manage these risks, as detailed below. When first considering whether to work with a fund, WC agrees with CAO that establishing its commitment and capacit...

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 > Private Sector Development and Competitiveness Project, First Request

Eligibility: 54-Third and Final Eligibility Report (English)

...financial support of the World Bank.” Requests, Responses, Panel Reports and all related documents, are available at: http://web.worldbank.org/WBSITE/EXTERNAL/EXTINSPECTIONPANEL/0,,contentMDK:22512113~p agePK:64129751~piPK:64128378~theSitePK:380794,00.html 2 Mr. Bidimu Kamunga, resident of Likasi, submitted the Request acting as President of the “Collectif des Ex-agents Gécamines ODV” (the Collective of former Gécamines employees participating in the Voluntary Departures Operation – also refer...

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 > GEORGIA - Jvari-Khorga Interconnection

Monitoring: Compliance Review Monitoring Report I

...financial resources required to implement the recommendations considered appropriate. The final Compliance Review Report was submitted for information to the EBRD’s Board of Directors, along with the Management Action Plan. The Board approved the Management Action Plan and the Compliance Review Report, Management Action Plan and Complainant’s comments were publicly released on 20 July 2018 in the PCM Register on the EBRD website. ...

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 > Transitional Support for Economic Recovery Credit and Emergency Economic and Social Reunification Support Project

Filing: 37-Request for Inspection Annex 3

...Financial intermediary projects, social development funds, community driven development or similar projects which require a safeguard framework or programmatic approach to address safeguard issues. F. Disclosure Requirements Environmental Assessment/Analysis/Management Plan: Expected Actual Date of receipt by the Bank 8/31/2004 Date of “in-country” disclosure 9/...

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 > Quilleco Hydropower Project

Management Response: 67-Management Response (English)

...financial role is that of an intermediary, facilitating the use of market- based mechanisms to mitigate climate change specifically through the purchase of carbon emission reductions, sanctioned under the Clean Development Mechanism. v. As is common with Carbon Finance operations, IBRD became formally involved with the Quilleco Project when it was at an advanced stage of preparation. At the Project identification stage in July 2004, the EIA for Quilleco had been completed and already ...

Complaint > None

Eligibility: DOC.R60-16: Chair's Summary of the Board Compliance Review Committee and CRP's Eligibility Report (with Management's Response) [PDF]

...financial institutions lend to eligible sub borrowers for first time loans and up to 30 percent for second time loans. This supplemental injection of cash is intended to improve the sub borrowers’ equity position so that it would be eligible for a loan from the financial institutions. During the CRP’s interviews, the responsible implementing agency categorically stated that no leases of customary land would be used as collateral for any loan or financial facility extended under the SABS project....

Complaint > Altain Khuder debt & equity

Eligibility: Eligibility Assessment Report

...Financial Reporting Standards) financials in the iron ore sector in Mongolia; 5) Introduce the first internationally audited iron ore reserves in accordance with JORC (Joint Ore Reserves Committee) reserves standards; and 6) Introduce an advanced mine management software. The Project was expected to have a significant demonstration effect on other producers. Throughout the financing, the Bank intended to continue supporting Altain ...

Complaint > Community Empowerment for Rural Development Project

Dispute Resolution: English

...Financial and Economic Institutions, Component C – Improving Rural Infrastructure, and Component D – Management & Monitoring. In 2002 project implementation, the communities of several of the CERD Project target villages in South Kalimantan felt that the CERD Project had violated project design, principles and approach (desain, prinsip dan pendekatan proyek), with implications for these communities. Efforts to resolve this problem were made between March 2003 and December 2004, beginning at the ...

Complaint > South-West Roads: Western Europe-Western China International Transit Corridor (CAREC-1b & 6b) - 1st request

Management Response: 66-Management Response Annexes (English)

...financial, and material provision of the Body’s activity under this Agreement for its member in the Advisory body;  Implementation of the Action Plan on Project Management and Anti-corruption  Resolution of other issues identified by the Advisory body. 2.6 The Parties shall approve all decrees regulating the Advisory body’s activity, in particular concerning the following:  Parties’ authorities;  Advisory body’s Action Plans and Act...

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 ...