Vodafone GTSF (IFC-49005)

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
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Sep 21, 2010
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
Vodafone Procurement Company
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Communications
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)
$ 100.00 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)
$ 1,000.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 25, 2024

Disclosed by Bank May 21, 2024

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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, this project is proposed under IFC’s Global Trade Supplier Finance program (“GTSF” or the “Program”) approved by the IFC Board on September 21, 2010 (Project #28723).  On December 15, 2022, IFC Board approved increase of the Global Trade Supplier Finance Program (GTSF) limit from US$500 million to US$1 billion (Project #44970). Under GTSF, IFC provides short-term financing to suppliers (“Suppliers”) in emerging markets selling to companies (“Buyers”) on open account terms. Under this project, IFC will establish a supply chain finance facility line, that will utilize sustainability-linked pricing, for emerging market-based device and network equipment suppliers of Vodafone Procurement Company S.A.R.L (“VPC” or “the Company”). IFC’s funding would focus on encouraging suppliers to adopt higher sustainable practices and drive device affordability in Vodafone’s emerging market presence in the Africa and Central Eastern European region. VPC leads purchasing and supplier management for Vodafone Group Plc (“Vodafone”) as a whole. Based in Luxembourg, VPC manages most of Vodafone’s spending with suppliers worldwide.                                                  

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC's Policy on Environmental and Social Sustainability (2012) because the proposed project is expected to have limited adverse E&S impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures. Key E&S aspects relate to telecom equipment supply chain, mainly handheld devices. Key issues are linked to labor practices including forced labor, occupational health and safety (OHS), wages, overtime, grievance mechanism, and overall safe and fair employment conditions.

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

The proposed project entails IFC providing up to US$ 100 million in sustainable supply chain financing under the IFC’s GTSF program for VPC’s suppliers in emerging markets.

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.

Vodafone Procurement Company VPC is a wholly-owned subsidiary of Vodafone Group and leads purchasing and supplier management for Vodafone as a whole. Vodafone Group is a global leading Mobile Network Operator (“MNO”) with operational footprint in 21 countries across Europe, Africa, and Asia. Vodafone is listed on the London Stock Exchange and NASDAQ with majority of shares in free float held by retail and institutional investors.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Vodafone Group Plc. 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.

Vodafone Group Plc.
Daniel Agland
Group Treasury
+44 (0) 7384 249218
daniel.agland@vodafone.com
Vodafone Group Services Limited, One Kingdom Street, Paddington Central, London W2 6BY, United Kingdom.
www.vodafone.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

How it works

How it works