ABC Climate (IFC-37960)

Countries
  • Brazil
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
Oct 10, 2016
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
BANCO ABC BRASIL SA
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)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 250.00 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.
Project Cost (USD)
$ 250.00 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 Jul 24, 2018

Disclosed by Bank Sep 9, 2016

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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.

The proposed project is to lend to ABC Brasil to support the expansion of the climate smart portfolio of the Bank and the expansion of its Small and Medium Enterprises (“SME”) portfolio; Addressing the lack of access to finance for SMEs is a strategic priorities for IFC. SME finance is identified by the bank as a constraint to shared prosperity and poverty reduction observed in many emerging economies. In addition, supporting climate-change mitigation investments through financial intermediaries is also a key pillar of IFC’s strategy.

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

ABC Brasil is a leading mid-size bank with focus on corporate and middle market companies. The Bank is publicly traded at the Bovespa exchange, with a free float of 32.1% as of March 2016. Bank ABC is the controlling shareholder with 61.1% ownership. Local Management and Directors have a 6.8% stake in ABC Brasil. Bank ABC is an international universal bank headquartered in Bahrain and listed in the Bahrain stock exchange. As of March 2016, the Central Bank of Libya owned 59.4% of Bank ABC and the Kuwait Investment Authority held 29.7%. The free float was 10.9%.

ABC has a strong market reputation and is rated on a global scale BB+, Ba2 and BB by Fitch, Moody’s and S&P’s respectively.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
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.

ABC Brasil is a leading mid-size bank with focus on corporate and middle market companies. The Bank is publicly traded at the Bovespa exchange, with a free float of 32.1% as of March 2016. Bank ABC is the controlling shareholder with 61.1% ownership. Local Management and Directors have a 6.8% stake in ABC Brasil. Bank ABC is an international universal bank headquartered in Bahrain and listed in the Bahrain stock exchange. As of March 2016, the Central Bank of Libya owned 59.4% of Bank ABC and the Kuwait Investment Authority held 29.7%. The free float was 10.9%.

ABC has a strong market reputation and is rated on a global scale BB+, Ba2 and BB by Fitch, Moody’s and S&P’s respectively.


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.

For local project information:
Banco ABC Brasil S.A.
Av Cidade Jardim, 803 2o andar São Paulo SP
Tel: + 5511 3170-2313
Email: patricia.ackermann@abcbrasil.com.br

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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/

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