Complaint > Ficohsa-02/Tela

Appraisal: English

...financial intermediary. In March 2011, Banco Financiera Comercial Hondureña, S.A. (“the client”), a financial intermediary, organized a syndicated loan of US$24 million (with US$10 million provided by the client) to DTBT to support the second phase of the project; the construction of boutique hotels, vacation homes, and condominiums.2 Subsequent client reporting to IFC indicates additional investments by the client in DTBT. IFC has several active investments in the client, the largest bank in Ho...

Complaint > None

Filing: Request for compliance review [PDF]

...Financial Intermediary Safeguards: 43. The ADB is required to conduct due diligence to assess potential social impacts and risks associated with a financial intermediary’s likely future portfolios. This should include potential impacts of subprojects (agribusinesses) on customary land tenure. According to the Initial Poverty and Social Analysis of the Agribusiness Support Project, the ADB categorized the Project as FI-C for involuntary resettlement and indigenous peoples indicating an assessment...

Complaint > Promoting Economic Use of Customary Land and Grant No. 0392 (SAM): Samoa Agribusiness Support Project

Filing: Complaint received, 9 Sep 2014

...Financial Intermediary Safeguards: 43. The ADB is required to conduct due diligence to assess potential social impacts and risks associated with a financial intermediary’s likely future portfolios. This should include potential impacts of subprojects (agribusinesses) on customary land tenure. According to the Initial Poverty and Social Analysis of the Agribusiness Support Project, the ADB categorized the Project as FI-C for involuntary resettlement and indigenous peoples indicating an assessment...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Appraisal: CAO Appraisal Report - Philippines/ RCBC-01 - October 2019 - English

...financial intermediary investments. In October 2018, the IFC CEO announced a new approach to FI clients exposed to coal. IFC affirmed that it would support financial intermediaries that formally commit upfront to reduce or, in some cases, exit all coal investments over a defined period. IFC noted that it would “require new equity financial intermediary clients exposed to coal projects to publicly disclose their total exposure in this sector.”26 In summary, IFC’s policy framework commits the inst...

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 > Ficohsa-02/Tela

Monitoring: English

...financial intermediary clients, and their exposure to high-risk subprojects. While IFC’s consultant reached broadly positive conclusions regarding the project’s social performance, the methodology employed did not provide sufficient evidence that IFC’s FI client had properly: a) applied IFC’s E&S requirements to Indura; or b) supervised PS compliance with regard to the issues raised in the Indura complaint. Upon review of available documentation, CAO concludes that IFC lacked sufficient evidence...

Complaint > Ficohsa-01/ CAO Vice President Request

Monitoring: English

...financial intermediary clients, and their exposure to high-risk subprojects. While IFC’s consultant reached broadly positive conclusions regarding the project’s social performance, the methodology employed did not provide sufficient evidence that IFC’s FI client had properly: a) applied IFC’s E&S requirements to Indura; or b) supervised PS compliance with regard to the issues raised in the Indura complaint. Upon review of available documentation, CAO concludes that IFC lacked sufficient evidence...

Complaint > Ficohsa-01/ CAO Vice President Request

Compliance Review: Terms of Reference for Compliance Investigation of IFC Investment in Banco Ficohsa

...Financial Intermediary clients • Identification and management of E&S risks around Financial Intermediary clients. • Knowledge of IFC’s Performance Standards, as well as applicable Environmental and Social Review Procedures. • Experience and knowledge of compliance investigations. • Demonstrated ability to analyze policies and practices and develop proposals for reform in complex institutional contexts. CAO terms of reference for Compliance Investigation ...

Complaint > Financial Intermediary (FI)-01/Aguan Valley

Eligibility: CAO Assessment Report Regarding concerns in relation to Financial Intermediary (FI), Honduras (Project of IFC), March 2015

...Financial Intermediary (FI), Honduras (Project of IFC) March 2015 Office of the Compliance Advisor Ombudsman for the International Finance Corporation and Multilateral Investment Guarantee Agency www.cao-ombudsman.org About the CAO The Office of the Compliance Advisor Ombudsman (CAO) is the independent accountability mechanism for the International Finance Corporation (IFC) and the Multilateral Investment Guarant...

Complaint > None

Policy Document: 2013 Annual Report

...Financial Intermediary (Agribusiness); Received December 2011; Dispute resolution process ongoing; Open PROJECT INFORMATION Institution: IFC Project Name & Number: Agri-Vie Fund 27674 Department: Global Financial Markets Company: Agri-Vie Fund PCC Sector: Financial Intermediary (Agribusiness) Region: Sub-Saharan Africa Environmental Category: FI Commitment: $7 million equity investment In 2011, CAO received two separate complaints from Uganda regarding the activities of the New Fores...

Complaint > CIFI-01/Hidro Santa Cruz

Compliance Review: English

...Financial Intermediary E&S risk management systems 2. Knowledge of IFC’s E&S policies, standards and procedures. 3. Experience and knowledge relevant to the conducting reviews of FI E&S risk management systems 4. Demonstrated ability to analyze policies and practices and develop proposals for reform in complex institutional contexts. 5. Regional knowledge of Financial Intermediary E&S practices in the region 6. Fluency in Spanish Terms of Reference CAO...

Complaint > Alex Dev-01/Wadi al-Qamar

Appraisal: English

...financial intermediary clients. In this context, IFC’s knowledge of APCC’s environmental and social performance is of relevance. Resolution of the compliance issues raised by the complaint requires detailed consideration with involvement of relevant technical expertise. As a result, CAO has determined that a compliance investigation is warranted. Terms of Reference for the compliance investigation will be issued in accordance with CAO’s Operational Guidelines. About CAO CAO’s mission is to ser...

Complaint > Second Rural Enterprise Support Project

Registration: 89-Notice of Registration (English)

...financial and environmental sustainability of agriculture and the profitability of agribusiness in the project area." 1 The PAD adds that the Project builds on the positive results of the first Rural Enterprise Support Project, including higher returns from cotton and wheat production, and will scale it up to a larger area through the provision of 2 financial and capacity building su...

Complaint > Ficohsa-01/ CAO Vice President Request

Compliance Report: English

...Financial Intermediary clients  Identification and management of E&S risks around Financial Intermediary clients.  Knowledge of IFC’s Performance Standards, as well as applicable Environmental and Social Review Procedures.  Experience and knowledge of compliance investigations.  Demonstrated ability to analyze policies and practices and develop proposals for reform in complex institutional contexts. ...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Compliance Review: ToR for Philippines/ RCBC-01 Investigation - English

...financial intermediary portfolio, and IFC’s monitoring and supervision of RCBC’s environmental and social performance. The complaint was transferred to CAO’s compliance function for appraisal in April 2019. Based on a preliminary review of IFC’s documentation and discussions with the IFC team, CAO decided to trigger an investigation.6 1 IFC Disclosure, Summary of Proposed Investment (SPI): project number 30235. Available at http://bit.ly/2J0EsQa. 2 Business World Online, February 26, 2013, RCBC ...

Complaint > VEIL II-01/ Ratanakiri Province

Filing: Complaint to CAO VEIL II - Feb 2014

...financial intermediary. Authorizations of representation accompany this letter of complaint. 2. The complainants are 17 villages in Ratanakiri Province, Cambodia who are or will foreseeably be adversely affected by an IFC sub-project. The villages are located in the districts of Andong Meas and O’Chum. The villages consist of individuals of Jarai, Kachok, Tampuon, Cham, Kreung, Laos, Vietnamese and Khmer ethnicities. The vast majority of complainants belong to an ethnic minority group, 1 each wi...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

Filing: Letter of complaint

...financial institutions such as the IFC to the coal industry further pushes the country down the path to assured perdition. --- SECTION 1: FINANCIAL LINKS BETWEEN IFC AND 19 COAL-FIRED POWER PLANTS 10. 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 ...

Complaint > None

Policy Document: Operational Guidelines Handbook for Problem-Solving and Compliance Review Services (OG)

...financial intermediaries, when the financial intermediary is no longer invested in the project. 4.2.3. The OA will not consider the following claims to be eligible for consideration:  matters previously considered by the OA, unless new information about them is presented in a new or updated request;  matters malicious or trivial in nature, or aimed at gaining competitive advantage;  procurement, contractual, or other purely commercial issues;  allegations that the existing policy fram...

Complaint > Bayport Colombia: Financial Inclusion for BOP Public Employees

Eligibility: Eligibility Memorandum Public Disclosure

...Financial Inclusion for Base of the Pyramid Public Employees” (loan CO-L1147) is a non-sovereign guaranteed A/B loan operation of the Opportunities for the Majority program of the Inter-American Development Bank (IDB or “the Bank”). The IDB’s Board of Executive Directors approved the loan on 9 July 2014 for an amount of up to US$50 million, to be granted to Bayport Colombia S.A.S., a nonbank financial intermediary (financial institution), in the form ...

Complaint > Second Rural Enterprise Support Project

Eligibility: 89-Eligibility Report and Recommendation (English)

...Financial Intermediary Lending Policy (OP/BP 8.30). 10. The implementing agency for the Project is the Rural Restructuring Agency. The Financing Agreement requires the Government to ensure that Participating Financial Institutions, Micro-Finance Institutions, and Lease Companies, which are financial intermediaries in this Project, base each sub-financing agreement on terms and conditions set in the “Rural Enterprise Investment Guidelines.” The Financing Agr...