Complaint > Alex Dev Ltd-02/Beni Suef

Appraisal: English

...Financial Intermediary Exposure IFC also has an exposure to the project through a bank in which it holds equity. This bank has made loans to APCC, the parent company of BSCC. Given IFC’s direct exposure, CAO has not further explored the financial intermediary exposure as part of this compliance appraisal. Figure 1: IFC Direct Investment in Titan Egypt TITAN GROUP ...

Complaint > Rizal Commercial Banking Corporation (RCBC)-01

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

...financial intermediary. Noong Oktubre 2018, inanunsyo ng CEO ng IFC ang isang bagong pamamraan ng mga kliyenteng FI na namumuhunan sa karbon. Kinumpirma ng IFC na susuportahan lamang nila ang mga financial intermediary na pormal na mangangako sa simula pa lamang na pabababain o di kaya naman, sa ilang nga halimbawa, lalabas sa lahat ng pamumuhunan sa karbon sa loon ng isang takdang panahon. Nakita ng IFC na ito ay “mangangailangan na ang mga bagong kliyenteng Financial Intermediary na namumuhuna...

Complaint > Southeast Europe Equity Fund II

Monitoring: Compliance Review Monitoring Report I

...Financial Continuous Risk Intermediary projects. Improvement will be a mandatory element of an Environmental and Social Management System established for a Bank Project. 5 4.2 Monitoring Conclusion The PCM notes Bank Management’s efforts to date to commence the implementation of the commitments outlined in the MAP, and will continue engagement w...

Complaint > GEORGIA - Jvari-Khorga Interconnection

Eligibility: Eligibility Assessment Report

...financial difficulties faced by the Contractor. Reportedly, other employees as well as Georgian sub-contractors experienced late or missing salaries/payments. • The Contractor stated in a communication to EnergoTrans dated 22 May 2017 that the dispute between the Contractor and the Complainant in relation to the termination of the Complainant’s appointment (including the payment of the outstanding salary) is expect...

Complaint > Agroinvestbank Equity Investment

Eligibility: Eligibility Assessment Report

...financial difficulties as a result of growing non-performing loans and in response to that, the EBRD undertook efforts to provide crisis management support to Agroinvestbank. 19. The response explains that the EBRD’s direct involvement in Agroinvestbank diminished in mid-2012. From that time on the EBRD has been monitoring the activity of its Client based on limited financial reports and meetings with the management of Agroinvestbank. All the given circumstances presente...

Complaint > Financial Intermediaries-01/CAO Vice President Request

Compliance Report: Audit of Sample IFC Investments in Third-Party Financial Intermediaries

Complaint > Agroinvestbank Equity Investment

Filing: Complaint

...Financial Intermediaries to join existing international initiatives that promote best practices in the financial sector including the Equator Principles and the Principles for Responsible Investment (“PRI”). The Equator Principles comprises an agreement to assess and manage environmental and social risks applying internationally accepted standards and international laws and regulations. Environmental and social risks include human rights issues. The PRI compromises 6 principles based on a notion...

Complaint > Bank Alfalah-01/Saddar Karachi

Appraisal: CAO Compliance Appraisal Report, Bank Alfalah - November 20, 2015

...Financial Intermediary HR Human Resources IFC International Finance Corporation MIGA Multilateral Investment Guarantee Agency PS Performance Standard SII Summary of Investment Information SME Small and Medium-sized Enterprise SSV Supervision Site Visit Compliance Appraisal Report – IFC Investment in Bank Alfalah, Pakistan 4 I. Overview of the Compliance Appraisal Process When CAO receives a c...

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 > Ficohsa-01/ CAO Vice President Request

Monitoring: English

...Financial Intermediaries (the FI Audit), published in February 2013.2 The systemic findings of the Ficohsa Investigation are thus addressed in CAO’s monitoring of the FI Audit.3 This monitoring report considers actions taken by IFC in response to the project level findings of the Ficohsa Investigation. Background 5. Between October and November 2011, IFC’s Asset Management Company made an equity and subordinated debt investme...

Complaint > None

Policy Document: 2019 IPAM Guidance Note on Case Handling

...financial intermediary Projects; financial intermediary Client obligations under the Environmental and Social Policy; the activities of third parties acting on behalf of the Client, or carrying out aspects of Project implementation (such as private security forces, contractors, or consultants); or of any other actor who is under control of, or who maintains a formal relationship with, the Bank or the Client in respect of a Project. 2.2 IPAM’s mandate allows it to review environmental,...

Complaint > Ficohsa-01/ CAO Vice President Request

Compliance Review: English

...Financial Intermediaries, and suggest the need for a reassessment of IFC’s approach to the identification and management of environmental and social risk in its financial markets business. IFC has issued a formal response to CAO’s investigation. CAO will monitor IFC actions in response to the CAO findings and issue a monitoring report within the next year. Full details in relation to this report are available at: www.cao-ombudsman.org Contact in Washington, DC: Emily Horgan, CAO Communications S...

Complaint > None

Policy Document: Panel Retaliation Guidelines

...Financial Institutions during joint investigations, it must ensure that proper protocols are in place to guarantee the safety of information. Such IAMs must be duly informed of the Panel’s risk assessment and these guidelines. Confidential information is not shared without the consent of the Requesters or Associated Persons. STEP THREE: RESPONDING TO RETALIATION If despite the adoption of preventive measures a threat materializes, the Panel gives immediate priority to such cases,...

Complaint > GEORGIA - Jvari-Khorga Interconnection

Compliance Report: Compliance Review Report

...financial information was then checked. An examination of JSL’s annual reports and corporate balance sheet showed the company to be in good financial shape, with the Client’s auditors’ only expressing concern regarding JSL Group’s purchase of a factory in the US, which left the company with significant but manageable debt having regard to its cash-flow position. JSL’s financial position was rechecked at the second stage of the tendering process. JSL is currently insolven...

Complaint > Real LRIF-01/Coban

Monitoring: English

...Financial Intermediaries,8 IFC has strengthened their internal procedures for appraising and supervising financial intermediary investments. Regarding private equity funds, in its response to CAO’s investigation report, IFC noted improvements it has made regarding fund selection, disclosure and supervision of fund subprojects, legal requirements for E&S non-compliance, and contextual risk analysis. However, IFC’s response did not commit to take any action with its client regarding project level ...

Complaint > Bayport Colombia: Financial Inclusion for BOP Public Employees

Management Response: Management Response

IDB Management response to the ICIM Request regarding “Bayport Colombia: Financial Inclusion for BOP Public Employees (CO-L1147)” This document establishes Management’s response to the Request filed by Mr. Fernando Sanabria on August 3, 2015 with the Independent Consultation and Investigation Mechanism (the “ICIM”) in relation to the above-mentioned project. Any terms that are not expressly defined in this document shall have the meaning ascribed to such terms in t...

Complaint > None

Policy Document: Board Resolution (BR)

...financial institutions (“international financial institutions” or “IFIs”) cited by Congress as having accountability mechanisms with objectives similar to those proposed for OPIC. Informational meetings were also held with representatives of selected IFIs with experience in developing and operating accountability mechanisms. The following proposal is intended to represent the process and procedures approved by the OPIC Board of Directors as guided by Congressional Report language and prac...

Complaint > Boskov Most Hydro Power

Community Response: Complainant comments

...financial intermediary) showed that the project sponsor was not complying with the national legislation on construction waste disposal practices. Even though the project was located in the National Park of Mavrovo, where the control should be even stricter, the EBRD did not possess any information about this for at least several weeks. It is likely that similar situations will happen with Boskov Most construction too. We therefore suggest that the Bank does...

Complaint > Vizhinjam-01/Kerala

Appraisal: CAO Compliance Appraisal Report of Vizhinjam 01 to 03, June 01, 2015

...financial review).  Phase II involved implementation, including Request for Proposal preparation, marketing, and bidding processes. The Financial Advisory Services Agreement (FASA – dated November 2009) between IFC and the client stated that IFC would assume overall oversight of the client’s consultants and that IFC-hired consultants would direct the development of the Environmental Impact Assessment (EIA) for the port, a requirement for the project to proceed under Indian law. In March...