Hyundai Motor Pakistan Project (MIGA-cf8e50bf12)

Countries
  • Pakistan
Where the impacts of the investment may be experienced.
Specific Location
Faisalabad in Punjab province
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
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 10, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Sojitz Corporation
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 66.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Feb 20, 2019

Disclosed by Bank Nov 21, 2017


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Project Description

According to the bank website, "the Project consists of the design, construction, and operation of a greenfield motor vehicle assembly plant, and the establishment of flagship dealerships in Karachi and /or Lahore (hereafter referred to as 'the Project'). The assembly plant will consist of a body shop, paint shop and assembly shop with inspection line, test course, motor pool, warehouses and utilities. The plant will be located on approximately 60 acres within the M3 Industrial City in Faisalabad in Punjab province. The plant initially proposes to assemble three different 'completely knocked down' (CKD) models based on current and anticipated demand in Pakistan. CKD kits and some component parts will be imported from South Korea, while other parts will be sourced locally. The number of component parts sourced locally is expected to increase over time as HNMPL plans to invest in the development of local supply chains."

Investment Description
  • Multilateral Investment Guarantee Agency (MIGA)
Private Actors
Contact Information

No contact information available at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF 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/