Dobel (IFC-49799)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Papua New Guinea
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mount Hagen, Highlands region
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
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."
Borrower
Wonye No. 2 Limited (Steamships Trading Limited and Tininga)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Construction
  • Industry and Trade
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)
$ 17.07 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.
Currency conversion note:
Bank reported 70
Converted using 2025-05-26 exchange rate.
Loan Amount (USD)
$ 17.07 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.
Currency conversion note:
Bank reported 70
Converted using 2025-05-26 exchange rate.
Project Cost (USD)
$ 48.76 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.
Currency conversion note:
Bank reported 200
Converted using 2025-05-26 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 9, 2025

Disclosed by Bank May 26, 2025

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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.

As stated by the IFC, the project consists of a PGK-USD linked 12 year secured loan of up to PGK 70m (~US$19m) to finance the development of a greenfield retail property that will offer high quality, modern retail space for local producers in Mount Hagen, the economic center of the Highlands region of Papua New Guinea (PNG), an IDA- FCS country. The “Project”, or the “Shopping mall” will be IFC’s second proposed local currency linked financing in PNG and will require blended finance support.

The Project will be developed by Wonye No.2 Limited, a partnership between Steamships Trading Limited, a PNG subsidiary of the Swire Group (a UK-HK conglomerate) with over 100 years of experience operating in PNG, and Tininga, a long-established PNG agri-producer and retailer, and a former IFC advisory client, based in the Highlands Region. The construction is expected to last 36 months in total. After completion, the Dobel shopping mall will be managed by Pacific Palm Properties (PPP), a company under Steamships.

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

As stated by the IFC, the Company is a joint venture between Steamships Trading Company and Tininga Ltd. Steamships is a diversified leader in shipping, transport, property and hospitality operation in Papua New Guinea. Steamships is dual listed on the Port Moresby Stock Exchange and Australian Securities Exchange, and is a subsidiary of John Swire & Sons Ltd, a diversified global group headquartered in the United Kingdom. Tininga is one of the largest companies in Mount Hagen, with operations across retail, wholesale and distribution, and property.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Swire Group (John Swire & Sons Ltd.) Parent Company Industry and Trade owns Steamships Trading Limited Client Industry and Trade
Tininga Ltd. Client Industry and Trade contracts with Steamships Trading Limited Client Industry and Trade

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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Steamships Trading Company:

Alessandro Mistroni - Finance Director and Company Secretary
Phone: +675 3137400
Email: information@steamships.com.pg
Address: PO Box 1, Port Moresby, NCD 121, Papua New Guinea
Website: https://steamships.com.pg

Local access for project documentation:

@345 Building, Levels 1-2, Stanley Esplanade, Section 20, Allotments 3,4 and 5, Port Moresby, National Capital District, Papua New Guinea

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