GTFP Global IME (IFC-37956)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Nepal
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 23, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
GLOBAL IME BANK LIMITED.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 500.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 4, 2022

Disclosed by Bank May 30, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, the proposed project involves establishing an unfunded short term trade finance facility with Global IME Bank Limited (“GIBL” or the “Bank) in Nepal under the Global Trade Finance Program (“GTFP” or “Program”) of IFC (the “Project”) with a carve out allocated towards climate smart trade finance. GTFP is IFC’s response to shortage of trade finance limits in developing economies such as Nepal and the project will support GIBL in addressing the demand and supply gap for its growing trade business.   

The proposed project is expected to have both project level and market level development impact. The expected project-level outcome is improved access to Trade Finance for GIBL and its trade finance customers. The proposed GTFP facility will allow GIBL to connect with more global Confirming Banks (CBs) with better capacity which will help the Bank to process more transaction for its clients. Beyond the Project, IFC anticipates that GTFP improves overall market integration by (1) maintaining and expanding trade finance, financial linkages and trade across multiple markets through strengthening these bilateral correspondent banking connections; (2) serving as an enabling platform to make new connections between local and international banks and their customers; (3) channeling new sources of capital to support Emerging Markets and Developing Economies (EMDE) trade flow through demonstration and replication of successful correspondent banking connections and the trade finance program itself as a successful investment instrument.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The proposed project is expected to have both project level and market level development impact. The expected project-level outcome is improved access to Trade Finance for GIBL and its trade finance customers. The proposed GTFP facility will allow GIBL to connect with more global Confirming Banks (CBs) with better capacity which will help the Bank to process more transaction for its clients. Beyond the Project, IFC anticipates that GTFP improves overall market integration by (1) maintaining and expanding trade finance, financial linkages and trade across multiple markets through strengthening these bilateral correspondent banking connections; (2) serving as an enabling platform to make new connections between local and international banks and their customers; (3) channeling new sources of capital to support Emerging Markets and Developing Economies (EMDE) trade flow through demonstration and replication of successful correspondent banking connections and the trade finance program itself as a successful investment instrument.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed project involves establishing an unfunded short term trade finance facility with GIBL under the Global Trade Finance Program with a carve out allocated towards climate smart trade finance.

Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The promoter group, which consists of more than 3,000 individuals and companies, owns 51.35% of GIBL’s shareholding. The remaining ownership of 48.65% is held by public shareholders. GIBL shares are listed on the Nepal Stock Exchange and publicly traded.  


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Global IME Bank Limited
Ananta Raj Kafle
Head – Treasury and International Banking
+977 1 4223442
ananta.kafle@gibl.com.np
Kamaladi, Kathmandu, Nepal
www.globalimebank.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works