DARP SPV CCM (IFC-42556)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Indonesia
  • Malaysia
  • Philippines
  • Thailand
  • Vietnam
Geographic location where the impacts of the investment may be experienced.
Specific Location
Region-wide
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
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
Apr 20, 2020
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
DARP SPV CCM
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)
Equity, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 30.00 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.
Loan Amount (USD)
$ 30.00 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)
$ 60.00 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 Apr 4, 2021

Disclosed by Bank Mar 11, 2020

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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 bank document, "the project is part of IFC’s Distressed Asset Recovery Program (“DARP”) and proposes an investment of up to US$30 million through a combination of senior and junior loans to a DARP platform (“DARP SPV CCM”) being set up by Collectius AG (“Collectius” or the “Company”).

Collectius will also provide similar US$30 million funding to the SPV. The proceeds will be used to acquire and resolve unsecured retail non-performing loans (“NPLs”) in Indonesia, Malaysia, the Philippines, Thailand and Vietnam (“Target Markets”), allowing Collectius to expand in these markets. 

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

The project proposes an investment of up to US$60 million; US$30 million from IFC and US$30 million from Collectius. The project also involves a minority equity investment by IFC in Collectius.

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.

Collectius is one of the regional retail NPL purchasing and servicing company with capacity to operate in the Target Markets. It was founded in 2014 by Gustav A. Eriksson and Ivar Björklund and became fully operational in 2016 after the acquisition of Milliken & Craig, a Singapore based debt collection management company.

 

Collectius is majority-owned by the two founders with the remaining owned by Stena AB (“Stena”) and Formica Capital (“Formica”). Stena is a family-owned company in Sweden having global operations in Ferry Operations, Offshore Drilling, Shipping, Property, Finance and New Business. Formica is an investment company focused on impact investing and is a related company to Stena family office.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Collectius Client -
- - - - Formica Capital Parent Company -
- - - - Stena AB Group Parent Company -

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.

1/ Project Contact

Collectius AG
Gustav A. Eriksson
Group CEO
(+65) 9833 7304
gustav@collectius.com
1 Changi Business Park Crescent, #02-16 plaza 8@CBP, Singapore 486025
www.collectius.com

2/ IFC Contact

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

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/

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