DCM Aavas NCD II (IFC-42529)

Countries
  • India
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 21, 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
AAVAS FINANCIERS 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)
$ 50.00 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 19, 2019

Disclosed by Bank May 16, 2019


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Project Description

According to the bank website, The purpose of the proposed IFC investment is to expand the Company's affordable housing finance program in rural/semi-urban markets of Rajasthan and nearby states. About 65% of AFL’s customers are self-employed, majority of them have no formal proof of income, and almost 40% are first time borrowers; and about 85% of its financing is used for self-constructed single unit houses. AFL’s was awarded the “Best Housing Finance Company in Affordable Housing Segment” by the Government of India at the National Summit on Affordable Housing in 2016 in recognition of its work in affordable housing finance.

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

Aavas Financiers Limited
Mr. Ghanshyam Rawat, CFO
+91 141 4659244
ghanshyam.rawat@aavas.in
201-202, Southend Square SP-1, 4th Floor, Mansarover Industrial Area, Jaipur – 302020
www.aavas.in

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/