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 > 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 > 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 > 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 > 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 > 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...

Complaint > Vizhinjam-02/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...

Complaint > Vizhinjam-03/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...

Complaint > Real LRIF-01/Coban

Appraisal: English

...Financial Intermediary FMO Netherlands Development Finance Company FPIC Free, Prior and Informed Consultation IFC International Finance Corporation LRIF Latin Renewables Infrastructure Fund, LP MIGA Multilateral Investment Guarantee Agency PS Performance Standards (IFC) REAL Real Infrastructure Capital Partners, LLC SII Summary of Investment Information Compliance Appraisal Report – Real ...

Complaint > Ficohsa-01/ CAO Vice President Request

Appraisal: CAO Compliance Appraisal of IFC investments in Banco Ficohsa - December 4, 2013

...Financial Intermediary (FI) client, (b) IFC’s approach to the assessment of the client’s capacity to manage and mitigate these risks; and, (c) the measures that IFC required of the client to ensure appropriate management of E&S risk. At appraisal, IFC is required to review “the business of its FI clients to identify activities where the FI could be exposed to social and environmental risk as a result of its investments.”8 IFC’s E&S requirements are expected to be “proportional to the level of po...

Complaint > CIFI-01/Hidro Santa Cruz

Appraisal: English

...Financial Intermediary HSC Hidro Santa Cruz, S.A. IFC International Finance Corporation NGO Non-Governmental Organization Norfund Norwegian Investment Fund for Developing Countries PS Performance Standards (IFC) SEMS Social and Environmental Management System SPI Summary of Proposed Investment CAO Compliance Appraisal Report, IFC Investment in CIFI – Hidro Santa Cruz, Guatemala 5 Overview of the Compliance Appraisal Process When CAO receives a complaint about an IFC or ...

Complaint > Bujagali Energy-04/Bujagali

Appraisal: Appraisal of IFC investment in Bujagali Energy (IFC Project #24408) and MIGA guarantee of World Power Holdings (MIGA Project #6732), Uganda, (CAO Complaints 04 and 06), April 8, 2015

...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 outco...

Complaint > Bujagali Energy-06/Bujagali

Appraisal: Appraisal of IFC investment in Bujagali Energy (IFC Project #24408) and MIGA guarantee of World Power Holdings (MIGA Project #6732), Uganda, (CAO Complaints 04 and 06), April 8, 2015

...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 outco...

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 ...