Complaint > India Infrastructure Fund-01/Dhenkanal District

Appraisal: CAO Appraisal for Compliance Investigation of IFC: India Infrastructure Fund, India - Case of Odisha Chas Parivesh Surekhsa Parishad and the Delhi Forum, June 26, 2013

...Financial Intermediary investments;  Performance Standard 1 (System of Social and Environmental Management and Assessment) – adequacy of consultation and assessment of cumulative impact;  Performance Standard 3 (Pollution Prevention and Abatement) – exacerbation of existing pollution;  Performance Standard 4 (Community Health, Safety and Security) – impact on local buildings, use of private security guards, waste disposal and groundwater use; Appraisal Repo...

Complaint > India Infrastructure Fund-01/Dhenkanal District

Eligibility: English

...financial intermediaries, what environmental and social policies govern those investments, and a lack of transparency around IFC’s investments in the sector. A summary of issues is presented in Section 3, and the complaint is posted on CAO’s website. 3. CAO’s Assessment 3.1 Assessment approach The purpose of CAO’s assessment is to clarify the issues and concerns raised by the complainants, to gather information on how other stakeholders see the situation, and to confirm whether the complainants ...

Complaint > India Infrastructure Fund-01/Dhenkanal District

Closing Report: English

...financial external factors such as local Panchayat intermediary sub-project elections in which one of the complainants This case was CAO’s first complaint on a was a candidate. Both parties frequently sub-project of an IFC financial intermediary requested additional time, and such client. As such, the project operator, GMR, requests are typically reasonable when had not signed any contract or agreement consi...

Complaint > India Infrastructure Fund-01/Dhenkanal District

Compliance Report: English

...Financial Intermediary Investments IFC classifies its investments in IDFC and the Fund as financial intermediary (FI) investments. As explained by IFC, a key purpose of its FI investments is to “strengthen domestic capital markets at a scale of enterprise that is smaller than would be possible through IFC direct investments” (Sustainability Policy (2006), para. 27). FI investments account for almost half of IFC’s new commitments each year. This business has grown rapidly in recent years and amou...

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 > 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 > 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...