GTLP SMBC III (IFC-46357)

Regions
  • World
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
U
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
Mar 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
Sumitomo Mitsui Banking corporation RSF
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)
$ 500.00 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 Jan 20, 2023

Disclosed by Bank Mar 22, 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.

The proposed investment is a funded 50-50% risk-sharing facility with Sumitomo Mitsui Banking Corporation (“SMBC” or the “Bank”) in a portfolio of trade-related assets for up to US$1 billion with IFC investment of up to US$500 million (the “Project”). The Project portfolio will be consisting of emerging market FIs across globe including IDA and Low-Income countries and will include climate eligible transactions (20% of the portfolio on a best effort basis). The Project sits inside the IFC COVID-19 Facility, which is more broadly part of the wider World Bank Group response to the global outbreak of coronavirus and will augment trade limits supporting the continued flow of trade transactions and critical commodities in countries facing financing challenges and disruption of cash flows due to the global outbreak of the coronavirus. The Project will use the Global Trade Liquidity Program (GTLP) platform, an innovative and well-received trade finance program launched by the IFC in 2009, through which IFC will play a countercyclical role during crisis, especially at times when other lending institutions or investors’ appetite may be subdued as negative economic impact is worsening in the rapid spread of COVID-19.

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 impact thesis shared by all projects under the IFC Crisis Response Facility is that by supporting clients' capacity to sustain operations during an acute shock, IFC best positions the private sector to support the economic recovery process, shortening the time it will take for the most vulnerable to return to their traditional income-earning opportunities.

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

 SMBC was established in April 2001 by the merger of the two leading Japanese banks: The Sakura Bank, Limited and The Sumitomo Bank, Limited. SMBC is a wholly owned subsidiary and the core unit of the Sumitomo Mitsui Financial Group, a financial conglomerate that provides wide range of financial services such as deposit taking, lending, securities retail sales and trading, securities investment, fund transfers, foreign exchange, insourcing of financial futures transactions, corporate bond trustee and custody services, trust bank business, investment trust sales, securities intermediary business, retail sales of insurance products, and other credit related businesses.

 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sumitomo Mitsui Banking Corporation (SMBC) Client -

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.

Sumitomo Mitsui Banking Corporation
Philip Janoff
Vice President, Structured Export Finance
+1.646.231.7583
Philip_Janoff@smbcgroup.com
277 Park Avenue, New York, NY 10172
smbcgroup.com

 

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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How it works