RSE COVID - Facey Group III (IFC-43979)

Countries
  • Jamaica
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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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 15, 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
FACEY GROUP LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 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)
$ 15.00 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 5, 2021

Disclosed by Bank Mar 30, 2021

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.
Project Description

IFC’s investment consists in a subordinated corporate loan of up to US$ 15 million to provide liquidity to Productive Business Solutions Limited (“PBS” or the “Company”) and Facey Group Limited (“Facey” or the “Group”) to continue weathering the Covid-19 pandemic and fuel working capital needs as the Company recovers to pre-pandemic levels and beyond. The investment is part of the WBG’s Covid-19 response envelope.

Facey Group, founded in 1926 and an IFC client since 2014, is a leading value-added distribution, services, and telecom conglomerate in the Central America and Caribbean (“CAC”) region. Facey operates, through its subsidiaries, in two main business lines: (i) Business/IT Solutions, Distribution and Services (PBS); and (ii) Telecom Distribution and Services (Interlinc). The Group is headquartered in Jamaica and operates in over 30 countries throughout the Caribbean, Central America, Pacific Region, and the United States.

Productive Business Solutions Limited (“PBS” or “the Company”), founded in 2001, is Facey’s main subsidiary and a leading workplace technology solutions provider in the CAC region with over 8,000 customers across more than 29 markets. PBS mainly operates in two business lines: (i) IT distribution and servicing – ranging from printing and computing equipment to networking, security, and software products; and (ii) business and technology workplace solutions. The Company maintains regional distribution agreements with key global IT players such as Xerox, Cisco, Oracle, HP, L3, among others. PBS is headquartered in Guatemala and is a publicly listed company in the Jamaica and Barbados Stock Exchanges.                     

This project is linked to https://disclosures.ifc.org/project-detail/SII/33791/facey-group-ii 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Facey Group Limited Parent Company Communications contracts with Productive Business Solutions Limited Subsidiary Communications

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.

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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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How it works