The project entails a total financing package of up to US$75 million equivalent in Belarusian Rubble (“BYN”) for Priorbank Joint-Stock Company (“Priorbank”, or “the Bank”), an existing IFC client in Belarus, and its subsidiary JLLC Raiffeisen Leasing (“RLBY” of “the Company”). The package consists of the following components: 1) Up to US$50 million equivalent in a 7-year senior housing finance loan to Priorbank (“Priorbank Housing Loan”). The loan would be used for on-lending to mortgage borrowers including green mortgages, and/or for energy efficiency home renovation loans in Belarus. At least 50% of the Housing Loan proceeds will be used for eligible climate finance, which includes green mortgages and/or energy efficiency home renovation loans.2) Up to US$25 million equivalent in a 7-year senior housing finance loan for RLBY (“RLBY Housing Loan”). The Loan proceeds will be used for on-lending to mortgage borrowers through financial leasing of residential property in the country, with at least 50% of the proceeds to be on-lent for eligible green mortgages.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
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/