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 > 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 > 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 > 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 > 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 > 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 > 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

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...