BMW South Africa (IFC-39024)

Countries
  • South Africa
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
Proposed
Bank Risk Rating
B
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.
Borrower
BMW (SOUTH AFRICA) (PTY) LTD
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 2, 2017

Disclosed by Bank Apr 28, 2017


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Project Description
BMW South AfricaPty. Ltd, Pretoria (the “company” or “BMW SA” -http://www.bmwplant.co.za)is an affiliate company of and wholly owned byBayerische Motoren Werke Aktiengesellschaft (“BMW AG” or together with its subsidiaries, the “BMW Group”) – The BMW Group is one of the most successful makers of passenger vehicles and motorcycles worldwide and among the largest industrial companies in Germany. With BMW, MINI and Rolls-Royce, the BMW Group owns three of the strongest premium brands in the automotive industry.The BMW Group is also recognized for its responsible human resource management, sustainable and environmentally responsible production, as well as its Corporate Social Responsibility (CSR). IFC has previously financed suppliers of the BMW Group, but the proposed financing, for BMW SA will be the first direct financing within the BMW Group. IFC is considering providing financing to BMW SA for the upgrade of its existing automotive assembly plant to produce the new BMW X3 model in its Rosslyn Plant in South Africa (https://goo.gl/maps/G8KSymiZQTn). The proposed project will assist the company in the transition of production from the currently assembled BMW 3-Series sedans to the assembly of the next generation of the BMW X3 model (the “project”). The new BMW X3 model will feature overall vehicle weight reduction initiatives including aluminum in selected body parts and a broader introduction of lightweight construction as well as higher fuel efficient engine options, thereby ultimately reducing CO2emissions.
Investment Description
  • International Finance Corporation (IFC)
BMW South AfricaPty. Ltd, Pretoria (the “company” or “BMW SA” -http://www.bmwplant.co.za)is an affiliate company of and wholly owned byBayerische Motoren Werke Aktiengesellschaft (“BMW AG” or together with its subsidiaries, the “BMW Group”) – The BMW Group is one of the most successful makers of passenger vehicles and motorcycles worldwide and among the largest industrial companies in Germany. With BMW, MINI and Rolls-Royce, the BMW Group owns three of the strongest premium brands in the automotive industry.The BMW Group is also recognized for its responsible human resource management, sustainable and environmentally responsible production, as well as its Corporate Social Responsibility (CSR).
Contact Information
ACCOUNTABILITY MECHANISM OF IFC 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/