MBK Loan 2017 (IFC-40365)

  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
  • Indonesia
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Dec 29, 2017
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 50.00 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 Oct 9, 2018

Disclosed by Bank Nov 14, 2017

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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 the IFC website, the proposed project consists of a senior syndicated loan to PT Mitra Bisnis Keluarga Ventura, IFC’s existing portfolio client and a leading microfinance institution (MFI) in Indonesia. MBK started operations in 2003 and as of September 30, 2017, operates with an asset base of around US$179 million, serving close to 1 million clients. MBK targets the bottom 25 percent of the population in Indonesia by income, with a focus on rural women not traditionally banked by commercial banks and other finance institutions. The funding shall be used to support the growth of the Company’s microfinance portfolio, mainly targeting underserved rural women borrowers.

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

The shareholders of MBK are PT. Bina Usaha Keluarga (BUK) (99.7 percent) and Nahruddin Alie (0.3 percent), an Indonesian investor. BUK is owned by IFC (20 percent), Mr. Shafiq Dhanani (40 percent) and Ms. Elizabeth Sweeting (40 percent). Mr. Dhanani is the President Director and founder of MBK, while Ms. Sweeting is the Deputy President Director and Co-founder of MBK.
The founders have previously consulted with several international organizations and have more than 27 years of experience in Indonesia. Mr. Dhanani received his D.Phil. in Development Economics from Oxford University whereas Ms. Sweeting received her Ph.D. from the University of Sussex. Mr. Alie holds a Masters Degree in Human Settlements Development Planning from the Asian Institute of Technology. Previous positions include National Officer, UNIDO Jakarta, and Staff, Department of Industry, Jakarta.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Nahruddin Alie Parent Company -
- - - - PT Mitra Bisnis Keluarga Ventura - MBK Ventura Client -

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.

PT Mitra Business Keluarga
Shafiq Dhanani
+62 21 3972 9909
Synergy Building, Lantai 16, Unit 6-8, Jalan Jalur Sutera Barat Kav. 17, Alam Sutera, Tangerang


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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