BOP PRASAC 2022 (IFC-46267)

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
Proposed
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
May 16, 2022
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
PRASAC MICROFINANCE INSTITUTION PLC
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 Amount (USD)
$ 80.00 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.
Campaign Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 20, 2024

Disclosed by Bank Mar 29, 2022

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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's website, "the proposed investment to PRASAC Microfinance Institution Plc (PRASAC or the Company) is a 3-year senior loan facility of up to US$80 million consisting of (i) IFC’s own account of up to US$50 million of which up to US$30 million in US dollar and up to US$20 million in local currency (LCY), and (ii) mobilization of up to US$30 million in US dollar."

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The development impacts of the Project will be delivered through (i) improved access to finance for MSMEs; (ii) strengthened resilience among MSMEs in Cambodia by assisting financial institutions to improve responsible finance practice; (iii) increased access to climate finance, to support PRASAC to grow green financing, thereby catalyzing the private sector in Cambodia to adopt environmental and social sustainable principles, setting standards and reducing greenhouse gas emission.

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

According to the IFC, The Company has been operating in Cambodia for 27 years since it was established as a credit component funded by European Union in 1995 and has developed into the largest Micro Deposit-Taking Institution (MDI) in Cambodia. PRASAC has total asset of US$4.3 billion and gross loan portfolio of US$3.7 billion as of December 31, 2021, with a nationwide presence through its 182 branches across the 25 provinces in the country. The Company has an extensive reach to rural areas and MSMEs.


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.

PRASAC Microfinance Institution Plc.
Mr. WON Soo Yeon
EVP & Chief Financial Officer
+855 23 220 102 / +855 96 718 5049
sooyeon.won@prasac.com.kh
Building 212, Street 271, Sangkat Tuol Tumpung 2, Khan Chamkarmon, Phnom Penh, Cambodia
https://www.prasac.com.kh

 

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

How it works

How it works