Original disclosure @ IFC website
Updated in EWS Aug 12, 2021
Disclosed by Bank May 4, 2018
Can you contribute information about this project?
Contact the EWS Team
The funding will support the expansion of Alliance Finance Company PLC’s MSME portfolio related to the agriculture sector, with an emphasis on financing climate-smart agriculture solutions and women-owned enterprises. Alliance is mainly engaged in vehicle financing, and 15% of its March 31, 2018 portfolio was exposed to the agriculture and forestry sector.
The proposed project is part of IFC’s ‘Sri Lanka Agriculture Finance Program’. The Program would consist of the following components:1. Capacity development of Participating Financial Institutions (PFIs): on agri value chain financing and development of related products2. Awareness creation: modern, efficient practices to enhance quality and productivity among agri-value chain players3. Risk mitigation: introduction of agri insurance products and climate smart agricultural practices 4. Improve enabling environment: working on policy measures to improve the enabling environment in line with Government’s Vision 20255. Funding: provide funding to chosen PFIs to lend to agri value chain playersTo achieve this IFC will work closely with the World Bank, government stake holders and private sector partners.
The Project will be supported by the IFC-Canada Climate Blended Finance Program and the Women Entrepreneurs Opportunity Facility (WEOF)
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.
Founder families collectively hold a c.60% stake in Alliance. This includes Mr. Romani de Silva (Managing Director/Deputy Chairman of Alliance), the largest shareholder with a direct holding of 26.5% and a further 6.2% through his father. Alliance is listed on the Colombo Stock Exchange and the remaining c.40% stake is publicly held.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Alliance Finance Company PLC||Client||-|
Alliance Finance Company PLC
Assistant General Manager – Treasury
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/