As stated by the IFC, the proposed project consists of a US$30mn IFC A Loan and US$60mn B/Parallel Loan with syndicating partners to TerraPay Payment Services (Mauritius) as the Borrower. The proposed loan has a maturity period of 4 years, with a two-year grace period. The Project will provide working capital to enable the immediate settlement of remittances across major corridors at a competitive cost and in a reliable and secure manner.
As stated by the IFC, TerraPay Mauritius is a subsidiary to TerraPay Holdings Limited, UK. TerraPay is a Business-to-Business remittance hub that helps its enterprise clients – International Money Transfers Operators - process small value transfers typically from migrant workers residing abroad (US, UK, Europe) to their family and friends’ bank accounts or mobile money accounts in Africa and Asia. TerraPay is one of the leading operators for such service. Terrapay is headquartered in UK and has operations globally, with a special focus on emerging markets such as Sub-Saharan Africa, South Asia, South-East Asia and Latin America.
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General IFC Inquiries - IFC Communications:
Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Borrower - Terrapay Holdings Limited:
TerraPay Payment Services (Mauritius):
Aniruddha Sane - Director
Address: Apex House, Bank Street, Ebene, Mauritius
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