Original disclosure @ IFC website
Updated in EWS May 24, 2023
Disclosed by Bank Oct 7, 2010
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According to IFC website, "The project proposes to forge a long term partnership between IFC and An Binh Commercial Joint Stock Bank (“the Bank”) by providing long term financing to the Bank structured both as senior and convertible debt instruments. The quasi- equity investment of up to $50 million equivalent in Vietnamese Dong will allow the Bank to maintain a healthy CAR while growing its loan portfolio and the $25 million loan will be earmarked to support climate change initiatives and enhance financing for eligible projects in the Energy Efficiency (EE) and Cleaner Production (CP) arena. This project fits well with the IFC financial markets strategy for Vietnam and is in line with the World Bank Groups efforts to use market mechanisms to mitigate the impact of climate change in Vietnam."
A research conducted by civil society groups/ The Compliance Advisor Ombudsman found that the project has a financial link to the Lower Sesan 2 dam in Stung Treng province, Cambodia. This information has not been disclosed on IFC or clients website.
Mr. Nguyen Hung Manh, CEO of ABBank An Binh Commercial Joint Stock Bank
170 Hai Ba Trung Street Da Kao Ward, District 1 Ho Chi Minh City, Vietnam
Tel: (84-8) 38 244 855 Fax: (84-8) 38 244 856
Email: email@example.com Website: http//www.abbank.vn
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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/