According to IFC website, International Finance Corporation (IFC) proposed financing of up to EUR 8.5 million, local currency equivalent, is to support the Bank’s lending portfolio for the purpose of micro and small enterprises lending in local currency. The expected development impacts are:
1. Secure access to finance to underserved segments in the Serbian economy
2. Develop a positive economic impact by propping up economic growth, improving access to finance in economically and geographically excluded regions, generating new jobs and improving quality of life
3. Help the Bank reduce its foreign currency exposure, better manage assets and liabilities and improve its risk profile
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
Opportunity banka a.d. Novi Sad provides various financial services to individuals, small and medium size enterprises, and agricultural customers in Serbia and internationally. Opportunity Bank a.d. Novi Sad is a wholly-owned subsidiary of Opportunity Transformation Investments Inc., a holding company owned by charitable organization Opportunity International.
Opportunity International operates through 39 microfinance institutions in Africa, Eastern Europe, Central and East Asia and Latin America. With a loan portfolio of US$1 billion, as of end of 2016, Opportunity International serves 14.3 million entrepreneurs in 24 countries around the world.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Opportunity International Inc.||Parent Company||-|
Project Contact: Zorica Sedlar , CFO
Opportunity Bank a.d. Novi Sad
Telephone No.: +381.21.4893.170
Email Address: email@example.com
Office Address: Opportunity Bank A.D | Bul.Oslobodenja 2a | 21000 Novi Sad, Srbija
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/