FMF-KBC Senior Loan (IFC-44494)

Countries
  • Indonesia
Geographic location where the impacts of the investment may be experienced.
Specific Location
The Project is located in Jakarta, Indonesia.
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Approved
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
Oct 23, 2020
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
FINANSIA MULTI FINANCE, PT
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)
$ 50.00 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.
Loan Amount (USD)
$ 50.00 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.
Project Cost (USD)
$ 150.00 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 Jun 20, 2021

Disclosed by Bank Oct 3, 2020

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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.

According to the bank document, "the proposed IFC investment entails a financing package to PT KB Finansia Multi Finance (“FMF”) in the amount of up to US$150 million (in IDR equivalent) to be comprised of senior loans committed in tranches (“Project”).

The Project is to support FMF's lending program to sustain and support the recovery of Indonesia’s middle-low income households as well as micro, small and medium enterprises (“MSME”) as well as other financing purpose(s) to be agreed between IFC and FMF during and post COVID-19 pandemic". 

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

The Project size is up to US$150 million (in IDR equivalent) to be committed in tranches.   

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.

FMF is a non-banking financial institution (“NBFI”) in Indonesia focusing on providing financing to micro and small entrepreneur/businesses, with motorcycles, cars as collateral. As of December 2019, FMF’s total assets stood at around US$245 million, with equity of around US$41 million.

FMF is 80% owned by KB Kookmin Card Co. Ltd (“KBC”), and the acquisition was completed in July 2020.           

KBC is the second-largest credit card issuing company in South Korea and a 100% owned subsidiary of KB Financial Group (“KBFG”). In addition to Indonesia, KBC also has presence in other South East Asian counties, including Cambodia and Laos.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - FINANSIA MULTI FINANCE, PT Client -
- - - - KB Financial Group Investor -
- - - - KB Kookmin Card Co. Ltd Parent Company -

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.

Project Contact

PT. KB Finansia Multi Finance
Jessica Novia
Finance Department
021-29333646
cs@kreditplus.com
Jl. Jendral Sudirman Kav. 52-53 SenopatiJakarta 12190
https://www.kreditplus.com/en/profile

IFC Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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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