Original disclosure @ IFC website
Updated in EWS Jul 17, 2020
Disclosed by Bank Jun 26, 2020
Can you contribute information about this project?
Contact the EWS Team
The proposed investment consists of a one-year, renewable , senior loan for up to US$60 million to Banco Múltiple BHD León, S.A. (“BHDL” or “the Bank”) in the Dominican Republic (the “DR” or the “Country”) under the FIG COVID-19 Emergency Response WCS Envelope (WCS Envelope). The WCS Envelope is designed to provide funding to existing IFC client banks in emerging markets that will then extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the global outbreak of the coronavirus pandemic. The proposed investment intends to support a strategic partner and a leading financial institution in the Country, by supporting the Bank's working capital and trade-related lending programs to DR enterprises, primarily small and medium enterprises (“SMEs”) as a result of the COVID-19 pandemic.
This investment is most likely to be a credit line.
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.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|Banco BHD León||Investor||Finance||invests in||Canacol Energy||Parent Company||Mining|
|Banco BHD León||Investor||Finance||invests in||Canacol Energy Corporate Facility 2017||Client||Mining|
|Canacol Energy||Parent Company||Mining||owns||Canacol Energy Corporate Facility 2017||Client||Mining|
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/