NepalPSW-RMDC (IFC-41750)

Countries
  • Nepal
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
FI
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
Jun 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
RMDC Laghubitta Bittiya Sanstha Limited
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)
$ 10.00 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 @ IFC website

Updated in EWS Jun 5, 2019

Disclosed by Bank May 22, 2019


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Project Description

According to the bank website, the proposed project involves a debt investment in RMDC Laghubitta Bittiya Sanstha Limited (“RMDC” or the “Bank”, formerly known as Rural Microfinance Development Centre), a wholesale lending organization registered as a class ‘D’ financial institution in Nepal that commenced its lending operations from January 2000. Along with loans, RMDC also extends institutional capacity building support to its micro finance institutions (MFI) Partner Organizations- which include micro finance development banks (MFDBs), financial-intermediary NGOs (FINGOs) and savings and credit cooperatives (SACCOs).IFC’s proposed investment will help the company to expand lending to MFIs focusing on underserved regions and population segments in Nepal, including to Very Small Enterprises (VSEs).

Investment Description
  • International Finance Corporation (IFC)
Private Actors
Contact Information

RMDC Laghubitta Bittiya Sanstha Ltd.
Mr. Jyoti Chandra Ojha, CEO
+977-01-4268019/4268020
rmdc@rmdcnepal.com
P.O.Box : 20789
www.rmdcnepal.com

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/