KIBELE B.V. (FMO-31660)

Countries
  • Turkey
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 24, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Kibele B.V.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.69 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 0.69 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 7, 2020

Disclosed by Bank Sep 24, 2019


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to FMO website, the project aims to support and develop a best practice, well-managed insurance company in a country where insurance penetration is extremely low. FMO funded the project together with EMF New Insurance Fund. EMF NEIF was set up to to invest in insurance in Eastern Europe. Our objective is to do co-investments with FMO's selected local partner. EMF NEIF needed partners to be able to take over this company. 

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors
  • Kibele B.V. -- Implementing Company

Kibele is a special purpose vehicle that holds a non-life insurance company in Turkey. The company was taken over from Aviva Group Plc (a listed UK Insurance Company). The non-life Insurance company provides Casco, MTPL, Fire, Engineering, Marine Cargo and Non-Motor (Liability PI).

Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism