Tid Lor - NTL Bond/Loan (IFC-49981)

Countries
  • Thailand
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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
C
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
Jun 25, 2026
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
NGERN TID LOR PUBLIC COMPANY LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • 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)
$ 200.00 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.
Loan Amount (USD)
$ 200.00 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 Nov 12, 2026

Disclosed by Bank Sep 1, 2026

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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.

According to bank's website, the approved project entails a senior debt financing package of up to US$200 million, comprising debt securities and/or loans to Tidlor Holdings Public Company Limited (“Tidlor”) and/or Ngern Tid Lor Public Company Limited (“NTL”) (collectively, the “Company”), a leading publicly listed non-bank financial institution (NBFI) in Thailand (the “Project”). The investment is expected to support the Company expand its financial services to microentrepreneurs, including women microentrepreneurs, to help ease social issues such as income inequality, underemployment, and lack of access to formal affordable financing by the base-of-the-pyramid population in Thailand. At least 75% of the proceeds of the Project will be earmarked to women microentrepreneurs in Thailand. 

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Environmental Category: FI-3 - No Impact 

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

The proposed investment entails a senior debt financing package of up to US$200 million to Tidlor and/or NTL, which will be committed in tranches. The first investment involves IFC’s subscription of up to US$25 million, for its own account, as an anchor investor in Tidlor’s debut JPY-denominated public notes.

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.

NTL, established in 1980, is a Bangkok-based NBFI, that provides vehicle title loans, hire purchase, and insurance brokerage services to microentrepreneurs through its extensive branch network nationwide. As part of an organization restructuring, the Group established a holding company structure and completed a share swap in 2025, in which Tidlor Holdings Public Company Limited (“Tidlor”) become the majority shareholder of Ngern Tidlor Public Company Limited (“NTL”) with a 99.4% stake. Following the restructuring, Tidlor was listed on the Stock Exchange of Thailand (SET) on May 15, 2025, under the ticker “Tidlor”. NTL remains the core operating entity and is currently the sole subsidiary of Tidlor. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Tidlor Holdings Public Company Limited Client Finance

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.

Tidlor Holdings Public Company Limited

Project Team Leader: Ms. Cholthicha Thongthai 

Title: Chief Financial Officer 

Email: Cholthicha.T@tidlor.com 

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