Amret AB Loan (IFC-37505)

Countries
  • Cambodia
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 18, 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
AMRET CO LTD
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • 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)
$ 60.00 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 Nov 11, 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 senior debt package to Amret Company Limited to support its lending program for a pipeline of micro-finance and agricultural projects in the country in order to improve access to finance for productive micro-entrepreneurs with a strong focus in agribusiness.

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

The proposed investment consists of up to USD 7 million of A Loan for IFC’s own account, and up to USD 53 million of B/Parallel Loan. Amret Company Limited is a micro-finance institution with a substantial operational network and deep reach in the rural and underserved areas of Cambodia, serving more than 300,000 borrowers as of June 2015 in all 25 provinces in the Country. As a licensed deposit taking institution, it also offers other financial services including checking and saving accounts and fee-based services such as bill payments. Shareholders of Amret Company Limited are Advans Sa Sicar with 52.78%, Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. with 19.99%, La Fayette Participations S.A.S with 4.06%, Botta Co., Ltd. with 3.17% and International Finance Corporation with a 19.99% ownership. Advans SA is an IFC investee registered in Luxembourg and a global partner for microfinance. Advans aims to encourage private enterprises and contribute to poverty reduction in developing and emerging countries, by increasing the supply of high-quality sustainable microfinance services. Advans mainly operates in frontier Asia and African markets.

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.

The Company is a microfinance institution with a substantial operational network and deep reach in the rural and underserved areas of Cambodia, serving more than 300,000 borrowers as of June 2015 in all 25 provinces in the Country. As a licensed deposit taking institution, the Company also offers other financial services including checking and saving accounts and fee-based services such as bill payments.


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.

c/o Mr. Chea Phalarin
Chief Executive Officer
Amret Company Limited
#35BA, St. 169, Veal Vong, 7 Makara,
Phnom Penh
Kingdom of Cambodia
Tel: (855) 23 880 942
Fax: (855) 23 881 342
Email: mailto:phalarin.chea@amret.com.kh

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