TRM Loan II (IFC-34884)

Regions
  • East Asia and Pacific
Geographic location where the impacts of the investment may be experienced.
Countries
  • Timor-Leste
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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Dec 4, 2015
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
Tuba Rai Metin or Kaebauk Investimentu No Finansa, SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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)
$ 1.00 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 Jul 31, 2018

Disclosed by Bank Oct 30, 2015

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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.

This project finances a loan to either Tuba Rai Metin (TRM) to provide inclusive financial services primarily to poor rural Timorese women and small businesses, or to Kaebauk Investimentu No Finansa SA (KIF) to provide microfinance and allied services for a large number of the poor population in a sustainable and regulated manner, in case micro-finance operations are transferred from TRM to KIF, in order to improve the quality of lives of families and empower women.

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

Tuba Rai Metin (TRM) was founded as an NGO MFI by Save the Children Federation in July 2001. It managed to survive through the civil unrest from 2006 to 2007 which wiped out 13 NGO MFIs from the market in Timor Leste. TRM is in a transformation process to become a regulated MFI under the license of Other Deposit Taking Institutions (“ODTI”) by having set up a for-profit subsidiary, KIF. TRM has been receiving technical assistance with support from various institutions such as UNCDF, Incofin, and IFC, and has received debt financing from UNCDF, Grameen Crédit Agricole, Incofin, ANZ Bank, Triodos, ResponsAbility, Kiva, and the Government of Timor Leste. It also engages in a Financial Literacy pilot program supported by ILO, which is the only non-financial activity of TRM and accounted separated.

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

TRM was founded as an NGO MFI by Save the Children Federation in July 2001. It managed to survive through the civil unrest from 2006 to 2007 which wiped out 13 NGO MFIs from the market in Timor Leste. TRM is in a transformation process to become a regulated MFI under the license of Other Deposit Taking Institutions (“ODTI”) by having set up a for-profit subsidiary, KIF.

TRM has been receiving technical assistance with support from various institutions such as UNCDF, Incofin, and IFC, and has received debt financing from UNCDF, Grameen Crédit Agricole, Incofin, ANZ Bank, Triodos, ResponsAbility, Kiva, and the Government of Timor Leste. It also engages in a Financial Literacy pilot program supported by ILO, which is the only non-financial activity of TRM and accounted separated.


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.

Angelo Soares
mailto:soaresangelo.kif@gmail.com
Tuba Rai Metin
Next to New Embassy of China,
Aitarak Laran,
Dili (Timor-Leste)

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/

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How it works