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 > 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 > 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 > 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 > 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 > CAO Compliance Audit of IFC's Financial Sector Investments

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

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...