Mundra Coal Plant, Port, and Special Economic Zone
3
Carmichael Coal Mine
4
Makeni Project
5
Siguiri Gold Mine
6
Potash Mine in Khammouane Province
7
Rampal Coal Plant
8
Bumi Resources coal operations
9
Pagbilao Power Station
10
Pak Beng Dam
11
Boke Bauxite mine
12
Three Gorges Dam
13
Cement Factory
14
Ban Chaung Coal Mine
15
Haziri II Power Plant
16
Salaya Power Plant
17
Tori Power Plant
18
Various Steel Projects
19
Bhopal Pesticide Plant
20
Son La Hydropower Dam
21
Ban Ve Hydropower Plant
22
Lower Sesan 2 Hydropower
23
Duyen Hai Power Generation Complex (Coal Plant/ Port)
24
Mong Duong Coal Plant
25
Nghi Son Coal Plant
26
Thai Binh Coal Plant
27
Vinh Tanh Coal Plant
28
Trident Copper-Nickel Mine
29
Multiple Gas and Energy Projects
30
Rubber Plantations
31
Tintaya Mine
32
Cerrejon Coal Mine
33
La Union Power Station
34
Mariveles Coal Plant Expansion
35
Lanao Kauswagan Power Station
36
Rubber Plantations
37
Indocement Cement Plant in Java
38
Min Lwin Limestone mine and cement plant
39
Xacbal Hydropower Dam
40
Aditya Aluminum Power Station
41
Jharkand Aluminum Power Station
42
Koraput Bauxite Mine
43
Mahan Coal Plant and Associated Mines
44
Mpumalanga Mines
45
Paradip Oil Refinery
46
Batangas Power Station
47
Angul Steel Power Station
48
Multiple Steel Plants in Orissa State
49
Chhattisgarh Coal Plant
50
Dongamahua Power Station
51
Godda Project
52
Tamnar Power Station
53
Agribusiness Plantations
54
Mariveles Power Station
55
Zambales Masinloc Plant
56
Angkor Gold Mining Concessions
57
Sewa II Hydropower Station
58
Chamera III Small Pondage Scheme
59
Kishanganga Hydroelectric Project
60
Lower Subansiri Hydro Electric Project
61
Parbati II Hydropower Station
62
Parbati III Hydropower Station
63
North Karanpura Power Station
64
Pudimadaka Ultra Mega Power Project
65
Koldam Hydropower Plant
66
Tapovan Vishnugad Hydropower Plant
67
Jharkhand Coal Mine
68
Barethi Super Thermal Power Project
69
Barh Super Thermal Power Station
70
Bongaigon Power Station
71
Dadri Power Station
72
Darlipalli Power Station
73
Farakka Power Station
74
Feroze Gandhi Unchahar Power Station
75
Gadarwara Super Thermal Power Project
76
Kahalgaon Super Thermal Power Plant
77
Katwa Super Thermal Power Project
78
Khargone Power Station
79
Korba Power Station
80
Kudgi Super Thermal Power Project
81
Mauda Power Station
82
Ramagundam Power Station
83
Rihand Power Station
84
Santaldih Thermal Power Station
85
Simhadri Power Station
86
Sipat Power Station
87
Solapur Power Station
88
Talcher Kaniha Super Thermal Power Station
89
Talcher Power Station
90
Tanda Power Station
91
Vindhyachal Power Station
92
Cotton Plantations
93
Boloven Plateau Coffee Plantation
94
Palm Oil Plantations
95
Private Military Contracting
96
Concepcion Power Station
97
Panay Power Station
98
Tobacco Products
99
Antimonan Power Station Meralco
100
Adaro Energy coal operations
101
Samindo Resources coal operations
102
Tumarin Dam
103
Subic Power Station
104
Butibori Coal-Fired Power Plant
105
Chitrangi Coal Power Plant
106
Krishnapatnam Ultra-Mega Power Project
107
Rosa Thermal Power Plant
108
Sasan Ultra-Mega Power Project
109
Quezon Power Station Expansion
110
Davao San Miguel Power Station
111
Sarangani Energy Corporation Coal Fired Power Plant
112
Limay Power Station
113
Puting Bato Power Station
114
Vizhinjam International Seaport
115
Grown Energy Zambeze Sugarcane Plantation
116
Multiple Mining and Steel Projects
117
Dhamra port
118
Kaltim Prima Coal Project
119
Pagbilao Plant
120
Davao Therma South Power Station
121
Therma Visayas Energy Project
122
Alexandria Portland Cement Plant
123
Toba Bara Sejahntra coal operations
124
Sangi Power Station
125
Lake Albert Onshore Oil Drilling
126
Lanjigarh Refinery
127
Konkola Copper Mines
128
Niyamgiri Bauxite Mine
129
Jharsuguda CPP power station
130
Talwandi Sabo Coal Plant
131
Rubber Plantations at Resettlemtn Sites for Communities Displaced by the Son La Dam
132
Thach Khe Iron Ore Mine
133
Nhan Co Bauxite Mine
134
Tan Rai Bauxite Mine
135
Pwalugu Hydropower Dam
136
Aboana Coal Plant
137
Expansion of Nakambala Sugar Plantation
138
Cotton and Seed Plantations
Drag to adjust the number of frozen columns
Project Location
Companies Affiliated
Sector
Description
Project Links to FI
Project Link to IFC
India
Power
Coal
In Orissa, Jindal operates a 1,200-megawatt coal plant that became operational in 2015. The company plans to increase the size of the plant by 1,400 megawatts.
https://www.jitpl.com/tenders.shtml
ICICI Bank
ICICI Prudential Life Insurance owns 1.24% of the shares of Jindal Steel & Power. (Thomson One)
FY 2014-15: Jindal Steel & Power borrowed $223.21 million from ICICI.
March 2014: ICICI was arranger of a $251 loan to Jindal Steel & Power for general corporate purposes. (Thomson One)
March 2013: ICICI acquired $45 million of Jindal Steel & Power’s debentures.
March 2011: Jindal Steel & Power’s external commercial borrowings from ICICI Bank in amounted to $29 million.
December 2009: ICIC
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/25444
Kotak Mahindra
2007: the IFC provided a $4
India
Adani Group
Industrial
Power
Coal
The 4,620-megawatt Mundra coal plant became fully operational in 2012. Adani, the project’s owner, plans to expand the plant by an additional 3,000 megawatts, a request that an expert panel of the Indian Ministry of Environment and Forests recommended against.
At full generating capacity, the plant is the largest single-location, private-sector coal-fired power plant in the world. The plant is part of the larger Mundra port and special economic zone.
An Indian Ministry of Environment investigati
IDFC
June 2013: IDFC was joint book runner on a $176 million share issue by Adani Ports and Special Economic Zone, with proceeds to be used for general corporate purposes. (Thomson One)
June 2010: IDFC was one of two banks that provided a $431 million loan to Adani Power when it refinanced the first and second phases of the coal plant. (Thomson One)
ICICI Bank
June 2013: ICICI was joint book runner on a $176 million share issue by Adani Ports and Special Economic Zone, with proceeds to be used f
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its
Australia
Adani Group
Mining
Coal
Adani Enterprises acquired the rights to the Carmichael mine in Australia from Linc Energy in 2010. Adani is pressing forward with the Queensland coal mine, which will be one of the world’s largest, despite opposition from the Australian public. Coal from the mine will create annual carbon dioxide emissions that are equivalent to those produced in a year by Malaysia or Austria, according to the Australia Institute. In addition, the mine is expected to harm the Great Barrier Reef.
Sources:
1. h
ICICI March 2012: ICICI was arranger of a $300 million loan to Adani Mining to refinance the $250 million loan signed in 2010 used to acquire assets in Australia. (Thomson One)
September 2010: ICICI was lender and arranger of a $250 million loan to Adani Enterprises to acquire the coal assets and exploration permits at the Carmichael site from Linc Energy. (Thomson One)
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Sources:
1.https://disclosures.ifc.org/#/projectDetail/SPI/25492
Sierra Leone
Addax Bioenergy
Agribusiness
Addax Bioenergy’s 57,000-hectare Makeni project includes a sugarcane plantation, an ethanol factory and rice fields. Addax began developing the project in 2008.
In order to develop the project, Addax has been accused of grabbing the land of over 13,000 subsistence farmers.
According to an Action Aid report, 99% of 100 people interviewed in 60 impacted villages said that food production had declined in their communities, and 90% said that it was because of loss of farmland to Addax.
https://
Emerging Africa Infrastructure Fund
June 2011: The Emerging Africa Infrastructure Fund provided a EUR20 million loan to Addax to support the Makeni project.
http://eaif.com/our-projects/view/addax-bioenergy-helping-power-sierra-leone
Emerging Africa Infrastructure Fund
2011: IFC provided a $45 million loan to the Emerging Africa Infrastructure Fund to enable the Fund to invest in new projects. IFC also states that it will “play a coordination role with other DFIs who will fund an additional $105 million.”
2009: IFC provided a $58.75 loan to the Emerging Africa Infrastructure Fund to finance the construction and development of private infrastructure in 45 countries across sub-Saharan Africa.
https://disclosures.ifc.org/#
Guinea
Anglo Gold Ashanti
AngloGold Ashanti holds a 1,500-square-kilometer gold mining concession in northeastern Guinea. According to an independent fact-finding investigation, in 2016, AngloGold Ashanti’s majority-owned subsidiary forcibly displaced approximately 377 households in order to expand its mine. Affected people faced intimidation and violence by Guinean security forces to compel them to relinquish their land. Affected people were provided with paltry compensation and inadequate resettlement and income restor
Nedbank
July 2015: Nedbank was co-arranger of a ZAR1.4 billion revolving credit facility (approx. $105 million) to AngloGold Ashanti to be used for general corporate purposes. Nedbank contributed ZAR1 billion to the facility. (Capital IQ)
Nedbank
2007: IFC provided Nedbank with a $141 million loan to be used for "cross-border corporate lending across Africa, including capital intensive projects that support sustainable economic growth," among other objectives.
4. https://disclosures.ifc.org/#/projectDetail/SPI/26014
Laos
Asian Potash Corp.
Mining
Asian Potash Corp is a Chinese investor behind a potash salt ore mine in Khammouane Province in Laos. The mine, which is expected to be Asia's largest potash fertilizer producer, has a total investment of approximately $1.25 billion. According to a World Bank report, there were significant issues with the land acquisition process, including inadequate compensation and reports of coercion.
http://www.chinadaily.com.cn/china/2011-10/21/content_13953276.htmhttp://siteresources.worldbank.org/LAOP
China-ASEAN Investment Cooperation Fund
2011: The China-ASEAN Investment Cooperatoin Fund invested $50 million in the potash plant.
http://www.chinadaily.com.cn/china/2011-10/21/content_13953276.htm
China-ASEAN Investment Cooperation Fund
2012: IFC invested $100 million in the China-ASEAN Investment Cooperation Fund, asserting that its investment would "influence the investment mandate of the Fund to adopt a stronger development-focus and to implement Equator Principles and E&S standards."
https://disclosures.ifc.org/#/projectDetail/SPI/28790
Bangladesh
Bangladesh Power Development Board
EXIM (Export Import Bank of India
NTPC
Power
Coal
The proposed 1,320-megawatt Rampal coal power plant, an NTPC joint venture, threatens to destroy parts of the Sundarbans, the world’s largest mangrove forest and a UNESCO World Heritage site.
The project is expected to have devastating impacts on climate, topography, land use patterns, air and water quality, bio-diversity, wetlands and tourism. The Sundarbans is home to rich biodiversity, including the endangered Bengal tiger, the estuarine crocodile, the Irawaddy and Ganges dolphins, 260 bird s
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
https://disclosures.ifc.org/#/projectDetail/SII/34782
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/2
Indonesia
Bumi Resources
Coal
Bumi Resources is Indonesia’s largest coal mining company. Bumi is currently operating eight coal mines through its subsidiaries and joint ventures. Bumi Resources owns 51% of the Kaltim Prima Coal project.
Total annual coal production: 86.5 million metric tons
Sources:
http://www.bumiresources.com/uploads/2018-bumi-resources/06/6e1b177b03c80258e979d692cfcd9633_49b562da67c1f5c277a7e2906ab063c7.pdfhttp://www.kpc.co.id/files/download/file/42/KPC_SR_2017_Layout_Design_Final-WebRes__2_.pdf
htt
June 2014: Raiffeisen Bank International provided a three-year, $80 million credit facility to Bumi Resources to fund its acquisition of additional shares in the Kaltim Prima coal mine.
November 2014: Bumi Resources defaulted on that loan.
June 2017: Bumi Resources restructured in an attempt to pay off its creditors. Raiffeisen Bank International converted its Bumi Resources debt into an equity stake in the coal company and also acquired debt securities, exposing the IFC to the entirety of Bu
January 2014: IFC made a $186 million “straight equity” investment in Raiffeisen Bank International. This investment is active.
https://disclosures.ifc.org/#/projectDetail/SII/31979
Philippines
Central Luzon Premiere Power Corp
Coal
Power
The Pagbilao Power Station is a 150-megawatt coal-fired plant under construction by the Central Luzon Premiere Power Corp. in Pagbilao, Quezon. It is scheduled to be operational by November 2017.
Central Luzon Premiere Power Corp is a subsidiary of SMC Global Power Holdings Corp.
Opposition to coal plants in the Philippines is widespread. Coal plants cause pollution, exacerbate climate change, and harm the health of people and the environment. The mines that supply them are a leading cause of
Rizal Bank
April 2017: Rizal participated in issuing bonds for SMC worth $200.88M. (source) + (Thomsonone)
March 2017: Rizal managed bond issues worth a total of roughly $397.30M for SMC. (source) + (Thomsonone)
July 2016: Rizal managed three bond issues worth a total of $316 million for San Miguel Global Power Holdings Corp to be used for general corporate purposes. (Bloomberg) + (here)
http://manilastandard.net/business/banking-report/233834/smc-gets-p10b-from-listing-of-22-bonds.html http://
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a $1
Laos
China Datang Overseas Investment Corp.
Hydropower
China Datang Overseas Investment Corp. is developing the Pak Beng dam with the Lao government. The dam is being built on the lower Mekong River mainstream. Ninety percent of the electricity generated by the 912-megawatt project will be sold to Thailand, and the remaining 10% will stay in Laos.
Local communities rely on this stretch of the Mekong for riverbank farming, fishing and raising livestock. In addition, it is an important habitat for fish and aquatic life. The dam is expected to directly
Postal Savings Bank of China
2018: Postal Savings Bank of China co-arranged $313 million in bonds for China Datang Corporation to be used for general corporate purposes. (Thomson One)
Postal Savings Bank of China
2015: IFC made a $300 million equity investment in Postal Savings Bank of China.
https://disclosures.ifc.org/#/projectDetailSII/5042
Guinea
China Hongqiao Group
Mining
China Hongqiao Group, a large aluminum producer accused of environmental violations in China, secured a mining deal in 2015 to exploit and export Guinea’s bauxite resources. The project has been accused by local farmers of land grabbing and environmental damage, resulting in reduced productivity of smallholder farms around the vast mining operation.
http://aluminiuminsider.com/environmental-regulators-order-china-hongqiao-to-close-over-half-its-aluminium-capacity-scmp/
ICICI Bank
May 2016: ICICI joined a syndicate that provided a $700 million loan to China Hongqiao Group to refinance existing loans to be used for working capital. (Thomson One)
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
China
China Three Gorges Corporation
Hydropower
Three Gorges is the developer of the world’s largest and most notorious dam, which bears its name. The dam displaced more than 1.2 million people.
https://www.internationalrivers.org/campaigns/three-gorges-dam
Postal Savings Bank of China
2015-2016: Postal Savings Bank of China has co-arranged $3.1 billion in bonds for Three Gorges Corporation.
Postal Savings Bank of China
2015: IFC made a $300 million equity investment in Postal Savings Bank of China.
https://disclosures.ifc.org/#/landing
Senegal
Ciments du Sahel
Industrial
Les Ciments du Sahel built a cement factory on land reportedly seized from local owners. The factory has allegedly polluted water sources and affected the environment and health of multiple nearby communities.
Source:
http://www.dakaractu.com/Permettez-que-je-prenne-fait-et-cause-pour-la-famille-de-Serigne-Saliou-Mbacke-RTA-face-a-Dangote-au-nom-de-la-justice_a53413.htmlhttp://www.dakaractu.com/Fermeture-de-la-Cimenterie-de-Pout-Les-habitants-manifestent-lundi_a44751.htmlhttp://www.seneweb.
Aureos Africa Fund
June 2009: The Aureos Africa Fund, managed by Aureos Capital, bought a 10.4% stake in Les Ciments du Sahel.
http://www.ftseglobalmarkets.com/emerging-markets-report/issue-34-june-july-2009/eureos-africa-fund-buys-senegal-stake.html
Aureos Africa Fund
September 2008: IFC bought a $40 million equity stake in the Aureos Africa Fund.
https://disclosures.ifc.org/#/projectDetail/SPI/26992
Myanmar
Consortium including Energy Earth
Coal
Mining
Ban Chaung coal mine is being developed by a consortium of four companies. One of those companies, the Thai firm Energy Earth, will provide most of the capital for the mine and distribute its coal, in exchange for 70% of the profits.
When fully operational, the 2,100-acre mine is expected to harm 16,000 people from 23 villages in a region recently devastated by civil conflict. Even in its early stages, the mine is polluting the air and water sources, dampening agricultural yields, and making pe
Raiffeisen Bank International
2016: Raiffeisen Bank International owns 2.98% of Energy Earth’s shares.
https://www.set.or.th/set/companyholder.do?symbol=EARTH&ssoPageId=6&language=en&country=US
Postal Savings Bank of China
2015-2016: Postal Savings Bank arranged approximately $1.5 billion in corporate bonds for four of China’s “big five” electricity companies, which are reportedly buyers of Energy Earth’s coal. (Thomson One)
http://lanternresearch.com/docs/CME%20Research%20Energy%20Earth%20Publ
Raiffeisen Bank International
2014: IFC made a $186 million “straight equity” investment in Raiffeisen Bank International.
https://disclosures.ifc.org/#/projectDetailSII/4290
Postal Savings Bank of China
2015: IFC made a $300 million equity investment in Postal Savings Bank of China.
https://disclosures.ifc.org/#/projectDetailSII/5042
India
Essar Power
Power
Coal
Hazira II power station is a 270-megawatt coal plant located near the Essar Steel facility in Gujarat, India. The plant’s two units were commissioned in 2015 and 2016.
Source: http://www.sourcewatch.org/index.php/Hazira_power_plant#Hazira_II_expansion
HDFC
January 2015: HDFC participated in a $219 million loan to Essar to build the Hazira II power station. (Thomson One)
September 2014: HDFC participated in a $21 million loan to Essar to build the Hazira II power station. (Thomson One)
March 2010: HDFC participated in a $240 million loan to Essar to build the Hazira II power station. (Thomson One)
IDFC
January 2015: IDFC participated in a $219 million loan to Essar to build the Hazira II power station. (Thomson One)
September 2014: IDFC parti
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top pe
India
Essar Power
Power
Coal
Salaya power plant is a 1,200-megawatt power station operated by Essar Power that became operational in 2012 and 2013. In February 2016, the company announced a 1,320-megawatt expansion of the power station.
Source:
1. http://www.sourcewatch.org/index.php/Salaya_power_plant
2. http://www.essar.com/section_level3.aspx?cont_id=O0zzXReqS1M=
ICICI
June 2012: ICICI was arranger of a $330 million loan to Essar Power for the “development of captive iron ore and coal mines,” among other activities. (Thomson One)
September 2011: ICICI was arranger of an $889 million loan to Essar to build the Salaya plant. (Thomson One)
IDFC India Infrastructure Fund
March 2009: The India Infrastructure Fund made a $64 million equity investment in Essar Power, giving it a 1.5% stake in the company.
http://in.reuters.com/article/idINIndia-38598220090319
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
IDFC India Infrastructure Fund
March 2007: IFC invested $100 million in the India Infrastructure Fund.
Source:
1. https://disclosures.ifc.org/#/projectDetail/SPI/26237
2. https://disclosures.ifc.org/#/projectDetail/SPI/25492
India
Essar Power
Power
Coal
Tori power plant is a proposed 1,800-megawatt coal-fired power station under construction in Jharkhand, India. It is operated by Essar Power. In July 2016, the India government listed the projected completion date for the first two units as "uncertain." A third unit of 600 MW received environmental clearance in 2013.
Source:
1. http://www.sourcewatch.org/index.php/Tori_power_plant
2. http://www.essar.com/section_level3.aspx?cont_id=O0zzXReqS1M=
ICICI
June 2012: ICICI was arranger of a $330 million loan to Essar Power for the “development of captive iron ore and coal mines,” among other activities. (Thomson One)
IDFC India Infrastructure Fund
March 2009: The India Infrastructure Fund made a $64 million equity investment in Essar Power, giving it a 1.5% stake in the company.
http://in.reuters.com/article/idINIndia-38598220090319
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
IDFC India Infrastructure Fund
March 2007: IFC invested $100 million in the India Infrastructure Fund.
https://disclosures.ifc.org/#/projectDetail/SPI/26237
India
Essar Steel
Industrial
Essar Steel is a fully integrated steel producer headquartered in Mumbai, with iron ore and steel plants in Orissa, Gujarat and Andrha Pradesh.
A 2009 report by the Ministry of Rural Development Committee on State-Agrarian Relations referred to the activities of Essar (and its rival Tata Steel) as “the biggest grab of tribal land after Columbus.” The report names Essar as one of the key financiers of the anti-Maoist ‘Salwa Judum’ (‘purification hunt’), a 7,000-strong militia found to have employ
Axis Bank
June 2014: Axis was a lender in a $923 million loan to Essar Steel for capital expenditures. (Thomson One)
HDFC
June 2014: HDFC was a lender in a $923 million loan to Essar Steel for capital expenditures. (Thomson One)
June 2013: HDFC was a lender in a $875 million loan to Essar Steel for refinancing of existing debt. (Thomson One)
June 2013: HDFC was a lender in a $1.1 billion loan to Essar Steel for refinancing of existing debt. (Thomson One)
December 2012: HDFC was a lender in a $4
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
https://disclosures.ifc.org/#/projectDetail/SII/34782
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/25444
India
Eveready Industries India
Chemical
Industrial
In December 1984, 30 tons of toxic gas leaked from a pesticide plant operated by Union Carbide India. The Indian government reported that more than half a million people were exposed to the gas.
Estimates of the number of people killed in the first few days by the plume from the Union Carbide plant run as high as 10,000, with 15,000 to 20,000 premature deaths reportedly occurring in the subsequent two decades. Survivors experienced blindness, cancer, neurological disorders and psychological dam
ICICI Bank
Prudential ICICI Asset Management owns .43% of Eveready shares. (Thomson One)
On an undisclosed date, ICICI provided a $7.5 million loan to Eveready, which as of March 2015 it had yet to fully repay.
Source: (Attatched)
HDFC Bank
December 2015: HDFC provided a $6.04 million loan to Eveready.
November 2012: HDFC provided a $4.5 million loan to Eveready.
All Sources Attached
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
Source:
1. https://disclosures.ifc.org/#/projectDetail/SPI/25492
2. https://disclosures.ifc.org/#/projectDetail/SPI/25444
Vietnam
EVN
Son La is Southeast Asia's largest hydroelectric project, which became operational in 2012.
Between 2005 and 2009, 91,000 people (18,950 households) were resettled 50 to 100 km from their homes with no access to the Da River.
According to US diplomatic cables released by Wikileaks, displaced farmers have received 400 square-meters land per household, which is not enough to provide food for large families An ADB report acknowledges that the revenues of downstream populations dropped by 10% to 5
Vietinbank
2014: EVN and Vietinbank sign a cooperation agreement, as part of which Vietinbank has committed $2.85 billion to EVN.
2007: Vietinbank loaned EVN $214 million for the Son La dam.
Credit Agricole
April 2007: Credit Agricole (then Caylon) provided $20 million, and was an arranger, in a 10-year, $50 million loan to EVN for equipment purchases. (Thomson One)
May 2008: Credit Agricole (then Caylon) provided $30 million, and was an arranger, in a 13-year, $126 million loan to EVN for gener
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Vietnam
EVN
Hydropower
Construction of Ban Ve, which was completed in 2010, displaced 13,790 people. Evictees appealed to the government for fair compensation for their land, but in the end 91% of resettled families were paid below-market rates. Ten years after being moved to the EVN-provided resettlement site, problems remain for 2,500 families. They live on land measuring 700-800 square meters, despite being promised 1-1.5 hectares of land in compensation. Residents of the site face a litany of other problems, inclu
Vietinbank
2014: EVN and Vietinbank sign a cooperation agreement, as part of which Vietinbank has committed $2.85 billion to EVN.
Vietinbank loaned $38 million to EVN for Ban Ve.
http://bizhub.vn/banking/vietinbank-signs-cooperation-agreement-with-evn_5392.htmlhttps://m.vietnambreakingnews.com/2014/04/vietinbank-signs-cooperation-agreement-with-evn/
Credit Agricole
April 2007: Credit Agricole (then Caylon) provided $20 million, and was an arranger, in a 10-year, $50 million loan to EVN for
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Cambodia
EVN
Hydropower
The Lower Sesan 2 hydropower dam is being built in Cambodia’s Stung Treng Province at the confluence of the Sesan and Srepok rivers, approximately 25 kilometers from the Mekong River. The project is jointly owned by Hydrolancang (51%) and Electricity of Vietnam (10%), along with a Cambodian investor. Hydrolancang is a subsidiary of China’s Huaneng Group.
Construction of the 400-megawatt project is underway and is expected to be complete by December 2018. The dam will create a 33,560-hectare res
Vietinbank
2014: EVN and Vietinbank signed a cooperation agreement, as part of which Vietinbank committed $2.85 billion to EVN.
2006: Vietinbank and EVN signed cooperation agreement, including general corporate finance commitments.
Sources:
1. http://bizhub.vn/banking/vietinbank-signs-cooperation-agreement-with-evn_5392.html
2. https://www.vietinbank.vn/web/export/sites/default/en/annual/06/files/tomluochoatdongkinhdoanh06a.pdf
Credit Agricole
October 2010: Credit Agricole contributed $30 mi
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Source:
1.https://disclosures.ifc.org/#/projectDetail/SPI/28509
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
Source:
1.https://disclosures.ifc.org/#/projectDetail/SII/31847
Vietnam
EVN
Power
Coal
Duyen Hai 1 and 3, both owned by EVN, will have a combined capacity of 3,105 megawatts. Duyen Hai 1 became operational in 2015, while Duyen Hai 3 will become operational between 2016 and 2019.
Construction of the plants and port complex has caused harmful resettlement and environmental degradation. In particular, the project has led to tidal erosion and flooding, threatening the delicate Mekong Delta ecosystem and hurting the livelihoods of local small-hold aquaculture farmers. In addition, gove
Vietinbank
2014: EVN and Vietinbank sign a cooperation agreement, as part of which Vietinbank has committed $2.85 billion to EVN.
Nov 2012: Vietinbank disbursed to EVN a 10-year loan worth $238 million. In addition, Vietinbank and two other Vietnamese banks loaned EVN Genco 1, an EVN subsidiary, $253 million for the first phase of the Coastal Power Center Seaport project, which will supply coal to the Duyen Hai Power Plant.
Credit Agricole
October 2010: Credit Agricole contributed $30 million, a
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Vietnam
EVN
Power
Coal
Mong Duong is a 2,320-megawatt coal plant that became operational in 2015.
http://www.sourcewatch.org/index.php/Mong_Duong_power_station
Vietinbank
2014: EVN and Vietinbank sign a cooperation agreement, as part of which Vietinbank has committed $2.85 billion to EVN.
Credit Agricole
October 2010: Credit Agricole contributed $30 million, and was the sole book runner, in a five-year $137 million loan to EVN for general purposes. (Thomson One)
May 2008: Credit Agricole (then Caylon) provided $30 million, and was an arranger, in a 13-year, $126 million loan to EVN for general corporate purposes. (Thomson One)
April 2007: Credit Agrico
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Vietnam
EVN
Power
Coal
Nghi Son is an 1,800-megawatt coal-fired power station complex currently under construction.
http://www.sourcewatch.org/index.php/Nghi_Son_power_station
Vietinbank
2014: EVN and Vietinbank sign a cooperation agreement, as part of which Vietinbank has committed $2.85 billion to EVN.
Credit Agricole
October 2010: Credit Agricole contributed $30 million, and was the sole book runner, in a five-year $137 million loan to EVN for general purposes. (Thomson One)
May 2008: Credit Agricole (then Caylon) provided $30 million, and was an arranger, in a 13-year, $126 million loan to EVN for general corporate purposes. (Thomson One)
April 2007: Credit Agrico
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Vietnam
EVN
Power
Coal
Thai Binh is an 1,800-megawatt coal-fired power station complex currently under construction. The project is expected to be completed sometime in 2016.
http://www.sourcewatch.org/index.php/Thai_Binh_Power_Center
Vietinbank
2014: EVN and Vietinbank sign a cooperation agreement, as part of which Vietinbank has committed $2.85 billion to EVN.
Credit Agricole
October 2010: Credit Agricole contributed $30 million, and was the sole book runner, in a five-year $137 million loan to EVN for general purposes. (Thomson One)
May 2008: Credit Agricole (then Caylon) provided $30 million, and was an arranger, in a 13-year, $126 million loan to EVN for general corporate purposes. (Thomson One)
April 2007: Credit Agrico
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Vietnam
EVN
Power
Coal
The planned 6,224-megawatt Vinh Tanh coal power plant is currently under construction. In 2015, the plant began operating at a capacity of 1,245 megawatts.
Ownership of the plant breaks down as follows:
Phase I: Vinacomin and China Southern Grid Power Company
Phase II: EVN
Phase III: OneEnergy Ventures Limited, EVN, and Pacific Group Corporation
Phase IV: EVN
http://www.sourcewatch.org/index.php/Vinh_Tan_power_station
Vietinbank
2014: EVN and Vietinbank sign a cooperation agreement, as part of which Vietinbank has committed $2.85 billion to EVN.
2007: Vietinbank (previously named Incombank) signed a cooperation agreement with the Vietnam Coal and Minerals Group (Vinacomin), the state-run coal and mineral mining company. Under the agreement, Vietinbank acts as the primary provider of financial services for Vinacomin.
Credit Agricole
2014: Credit Agricole contributed to a $300 million loan to Vinacomin for
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
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China Postal Savings Bank
2015: IFC made a $300 equity investment in China Postal Savings Bank.
https://disclosures.ifc.org/#/projectD
Zambia
First Quantum Minerals
Mining
In April 2011, First Quantum Minerals acquired 518 square kilometers of land to mine for copper, nickel and other minerals. The deal has since led to the displacement of some 1,000 families. According to Action Aid, resettlement of the mainly subsistence farmers resulted in their reduced access to farm land and natural resources, food insecurity, and marginalization of women.
https://www.reuters.com/article/us-zambia-mining-women-idUSKCN0RF02D20150915http://www.actionaid.org/sites/files/acti
Nedbank
May 2016: Nedbank participated in a $1.8 billion syndicated loan to First Quantum Minerals to refinance an existing $3 billion revolving credit facility.
May 2014: Nedbank provided $142 million of a $3 billion revolving credit facility to First Quantum Minerals for general corporate purposes.
Nedbank
In 2007, the IFC provided Nedbank with a $141 million loan to be used for "cross-border corporate lending across Africa, including capital intensive projects," among other purposes.
https://disclosures.ifc.org/#/projectDetail/SPI/26014
Russia
Gazprom and its subsidiaries
Industrial
Gazprom, a Russian energy conglomerate, is one of the largest oil and gas producers in the world. The company has been linked with pollution, corruption and environmental destruction, including harmful arctic drilling.
https://themoscowtimes.com/news/gazproms-moscow-refinery-fined-30-million-for-pollution-41715http://www.reuters.com/article/us-wikileaks-gazprom-russia-idUSTRE70529D20110106https://thebarentsobserver.com/en/2015/10/gazprom-behind-tundra-pollution-environmentalists-sayhttp://w
Raiffeisen Bank International
April 2016: Raiffeisen Bank provided a $400 million syndicated revolving credit facility to Gazprom Marketing & Trading, a fully owned subsidiary of Gazprom, for refinancing. (Thomson One)
July 2015: Raiffeisen Bank provided a $500 million syndicated revolving credit facility to Gazprom Marketing & Trading, a fully owned subsidiary of Gazprom, for general corporate purposes. (Thomson One)
July 2014: Raiffeisen Bank participated in a $500 million syndicated revolving
Raiffeisen Bank International
2014: IFC made a $186 million “straight equity” investment in Raiffeisen Bank International.
https://disclosures.ifc.org/#/projectDetailSII/4290
Cambodia
Gemadept company
The Vietnamese company Gemadept and its subsidiaries have four economic land concessions for rubber plantations in Cambodia’s Mondulkiri province. In May 2012, Cambodian authorities forcibly evicted residents and destroyed and burned down their homes when they refused to leave their land. According to UNOHCHR, the Cambodian armed forces participated in the forced evictions of residents (pg. 55).
Sources:
1.http://www.gemadept.com.vn/assets/uploads/myfiles/files/BCTC12_HN_KT_EN%281%29.pdf
2.http
Vietnam Investment Fund II
June 2012: VI Fund II provided a $40 million convertible loan to Gemadept.
VietFund Management
VietFund Management holds approximately 0.11% of shares in Gemadept. (Thomson One, accessed August, 2016)
Vietnam Investment Fund II
August 2011: IFC made a $15 million equity investment in the VI Fund II.
Dragon Capital & Sacombank - VietFund Management
2002: IFC purchased a $2 million equity stake in Dragon Capital Group and a $3 million equity stake in Sacombank. VietFund Management is a joint venture between the Vietnamese private equity firm Dragon Capital and the Vietnamese commercial bank Sacombank.
Sources:
1.https://disclosures.ifc.org/#/projectDetail/SPI/30272
2.https://disclosures.ifc.o
Peru
Glencore Xstrata
Mining
Tintaya mine has involved water contamination and was the subject of deadly protests, with two people killed and dozens of protesters detained in 2012 and a state of emergency declared.
http://londonminingnetwork.org/2012/05/deaths-in-protests-against-xstrata-in-peru/http://www.mining-technology.com/projects/tintaya/
Credit Agricole
2015: Credit Agricole was a book runner and mandated arranger for a $6.8 billion corporate loan to Glencore. (Thomson One)
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SII/31847
Colombia
Glencore Xstrata
BHP
Mining
Coal
Cerrejon is one of the largest open-pit thermal coalmines in the world, producing 33 million tons of coal a year. Since breaking ground in 1976, the mining operations have expanded into an integrative mine-railway-port complex. The project has expanded across 69,000 hectares. The mine is situated inside territory of the indigenous Wayúu.
Cerrejon has resulted in severe human rights violations and detrimental environmental impacts, including the destruction and forced evictions of Wayúu and Afro-
Credit Agricole
May 2015: Credit Agricole was a book runner and mandated arranger for a $6.8 billion corporate loan to Glencore. (Thomson One)
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
Source: https://disclosures.ifc.org/#/projectDetail/SII/31847
Philippines
Global Luzon Energy Development Corp.
Power
Coal
Global Luzon Energy Development Corp. announced that it would begin construction of a coal-fired power station in La Union, Luzon. The plant will have a total output of 670 megawatts. Construction is planned to begin in the third quarter of 2018, and the plant will become operational in the first quarter of 2022.
JG Summit holds a 30% stake of Global Business Power, which is a parent company of Global Luzon Energy Development Corp. Meralco holds a 14% stake in GBP.
http://thestandard.com.ph/bus
Rizal Bank
February 2014: Rizal was underwriter for three issues of JG Summit Holdings bonds worth $672 million. (Bloomberg & Prospectus) Net proceeds from the bonds were intended to partially finance JG Summit’s acquisition of Meralco and for general corporate purposes. JG Summit Holdings acquired a 27% stake in Meralco in December 2013.
December 2013: Rizal was joint manager of two issues of Manila Electric Company bonds worth a total of $419 million. (Prospectus)
https://secure-hwcdn.libsyn.c
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a
Philippines
GNPower Dinginin Ltd. Co.
Power
Coal
The 600-megawatt GN Power Mariveles Power Project became operational in 2013. It is currently in the process of being expanded by 1,200 megawatts. GNPower Dinginin Ltd. is building the expansion. The expansion is expected to be operating in 2019.
Ayala Corporation has a 50% stake in the expansion. Aboitiz Power Corp. holds 40% and Power Partners Ltd. holds 10%.
Gloria Capitan was shot and murdered by two assassins on motorcycles on the night of July 1, 2016. Capitan was the president of the Uni
Rizal Bank
September 2016: Rizal was part of a syndicate that provided a $831 million loan to GNPower Dinginin Ltd. Co. (Thomson One)
August 2015: Rizal managed three bond issues worth $525 million for Aboitiz. (Bloomberg)
November 2012: Rizal managed $244 million in Ayala Corporation bonds to be used for general corporate purposes. (Bloomberg)
May 2012: Rizal managed $235 million in Ayala Corporation bonds to be used for general corporate purposes. (Bloomberg)
May 2011: Rizal managed $232 milli
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made
Philippines
GNPower Kauswagan
Power
Coal
The Lanao Kauswagan Power Station is a planned 540-megawatt coal plant that will cost an estimated $1 billion. Construction began in late 2014, and the first unit is expected to be operational by early 2017.
Lanao Kausawagan Power Station is a joint venture of AC Energy Holdings, Inc. (the energy subsidiary of Ayala Corporation) and Power Partners Ltd. Co. AC Energy is estimated to have about 80% interest in the project.
In July 2015, protesters marched 92 kilometers to voice their discontent w
Rizal Bank
July 2016: Rizal provided $85 million along with 8 other banks for a total loan of $765 million for the plant expansion (source)
June 2015: Rizal provided three loans worth a total of $390 million for the construction of the Lanao Kauswagan Power Station. (Bloomberg)
November 2012: Rizal managed $244 million in Ayala Corporation bonds to be used for general corporate purposes. (Bloomberg)
May 2012: Rizal managed $235 million in Ayala Corporation bonds to be used for general corporate
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a $
Cambodia
HAGL
The Vietnamese company HAGL operates rubber plantations in northeastern Cambodia that have harmed 17 indigenous communities. The plantations have caused negative impacts on water sources and fish resources, loss of land, lack of compensation, lack of information disclosure and engagement with the people, threat to spiritual, cultural and indigenous practices, as well as use of child labor.
In February 2014, affected communities filed a complaint with the IFC’s independent watchdog, the Complian
Dragon Capital
Dragon Capital’s Vietnam Enterprise Investments Ltd (VEIL) fund owned shares in HAGL. It has since divested.
Dragon Capital
2001: IFC made a $10 million equity investment in the VEIL fund and a $2 million equity investment in Dragon Capital.
https://disclosures.ifc.org/#/landing
Indonesia
HeidelbergCement
Industrial
HeidelbergCement, through its majority-owned subsidiary Indocement, is developing a cement plant in the Pati region of the Kendeng mountains in Java. The Kendeng region’s karst mountains store water and carbon dioxide that are important for local people’s livelihoods and water sources and the surrounding ecosystem.
Local communities are opposed to the project and have protested by setting their feet in cement.
http://www.thejakartapost.com/news/2014/11/25/development-indocement-s-pati-plant-be-p
Raiffeisen Bank International
February 2014: Raiffeisen Bank was part of a syndicate that provided a $4.1 billion revolving credit facility to HeidelbergCement. (Thomson One)
January 2018: Raiffeisen Bank participated in a syndicated loan to HeidelbergCement worth $3.6 billion that matures in 2023. The
loan refinanced an existing deal.
(Thomson One)
Raiffeisen Bank International
2014: IFC made a $186 million “straight equity” investment in Raiffeisen Bank International.
https://disclosures.ifc.org/#/projectDetailSII/4290
Myanmar
HeidelbergCement
Mining
Industrial
The planned Min Lwin limestone mine and cement factory will be located in the foothills of Min Lwin Mountain, in Mon State, Myanmar. The German multinational HeidelbergCement is seeking to develop the project with the local company Phyu Min Tun, according to a document obtained by local NGOs.
Affected communities expect the project to have substantial human rights and environmental impacts. These include the loss of livelihoods, illness and other health problems, social conflict, and loss of lan
Raiffeisen Bank International
September 2015: Raiffeisen participated in a syndicated loan worth $3.7 billion that financed HeidelbergCement’s acquisition of Italcementi, whose CEO said the deal would allow the German company to establish operations in Myanmar. (Thomson One)
February 2014: Raiffeisen participated in an syndicated revolving credit facility for HeidelbergCement worth $4.1 billion for general corporate purposes. (Thomson One)
http://www.nationmultimedia.com/news/business/corporate
Raiffeisen Bank International
2014: IFC made a $186 million “straight equity” investment in Raiffeisen Bank International.
https://disclosures.ifc.org/#/projectDetailSII/4290
Guatemala
Hidro Xacbal company
Hydropower
The 94-megawatt Hidro Xacbal dam on the Xacbal River was inaugurated in 2010. The project led to forced evictions of indigenous people, violent protests and environmental harms.
1. https://guatemalasolidarity.org.uk/2015/05/04/77426/
2. https://ejatlas.org/conflict/area-de-uso-multiple-rio-sarstun
Banco G&T
2007: Banco G&T provided a $15 million loan to fund construction of Hidro Xacbal dam.
1. https://www.mayerbrown.com/public_docs/project_finance_deals_feb2008.pdf
2. http://ppi.worldbank.org/snapshots/project/xacbal-hydroelectric-plant-4891
Banco G&T
July 2008: IFC made a $70 million equity investment in Banco G&T.
1. https://disclosures.ifc.org/#/projectDetail/AS/599989
India
Hindalco
Coal
Power
Aditya Aluminium power station is a 900-megawatt power station of Hindalco to supply the Aditya Alumina and Aluminium Project in Odisha, India. The project was reported as in operation by 2014.
Source: http://www.sourcewatch.org/index.php/Hindalco_Industries
ICICI
ICICI Prudential Asset Management currently owns 0.14% of Hindalco’s outstanding equity. (Thomson One)
HDFC Bank
HDFC Asset Management owns 0.15% of Hindalco shares. (Thomson One)
April 2012: HDFC Bank was bookrunner of a $571 million Hindalco bond issue for general corporate purposes. (Thomson One)
Yes Bank
April 2012: Yes Bank was joint book runner on a $571 million issue of Hindalco bonds to be used for general corporate purposes. (Thomson One)
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/25444
Yes Bank
December 2013: IFC provided a $60
India
Hindalco
Industrial
Power
Jharkhand Aluminium power station is a 900-megawatt power station proposed by Hindalco to supply the proposed Jharkhand Aluminium smelter at Sonahatu, 55 kilometers from Ranchi in Jharkhand state, India. In April 2015, the aluminum smelter and power plant were reported as operational.
http://www.sourcewatch.org/index.php/Jharkhand_Aluminium_power_station
ICICI
ICICI Prudential Asset Management currently owns 0.14% of Hindalco’s outstanding equity. (Thomson One)
HDFC Bank
HDFC Asset Management owns 0.15% of Hindalco shares. (Thomson One)
April 2012: HDFC Bank was bookrunner of a $571 million Hindalco bond issue for general corporate purposes. (Thomson One)
Yes Bank
April 2012: Yes Bank was joint book runner on a $571 million issue of Hindalco bonds to be used for general corporate purposes. (Thomson One)
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/25444
Yes Bank
December 2013: IFC provided a $60
India
Hindalco
Mining
In 2003, clearance was granted for Hindalco to develop a bauxite mine in Koraput District, Orissa. The Mali Parbat mountain, home to the indigenous Kondh community, is also estimated to contain 17 million tons of bauxite. In violation of the consent requirements stated in the Fifth Schedule of the Constitution, villagers were not consulted on the transfer of their lands. Seventy villages (with approximately 3,000 families) depend on the mountain for water, wood and food. Security personnel have
Axis Bank
March 2016: Axis Bank was lead arranger of a $301 million loan to Hindalco. (Thomson One)
August 2015: Axis was lead arranger of a $1.5 billion loan to Hindalco. (Thomson One)
ICICI
ICICI Prudential Asset Management currently owns 0.14% of HINDALCO’s outstanding equity. (Thomson One)
HDFC Bank
HDFC Asset Management owns 0.15% of Hindalco shares. (Thomson One)
March 2016: HDFC participated in a $301 million loan to Hindalco. (Thomson One)
April 2012: HDFC Bank was bookrunner of a $571
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as wel
India
Hindalco
Essar Power
Mining
Power
Coal
Essar Power’s 1,800-megawatt Mahan Coal-Fired Power Plant opened in 2013.
Essar and Hindalco jointly developed a nearby coal mine designed to supply the Mahan plant, along with Hindalco’s aluminum smelter. The mine would have caused the destruction of one of the largest and oldest indigenous forests in India, and it would have displaced 54 indigenous villages. However, activists successfully protested the mine, leading to its cancellation.
In 2015, needing a new source of coal for its Mahan
Axis Bank
August 2015: Axis Bank was sole arranger of a $1.5 billion loan to Hidalco. (Thomson One)
ICICI
August 2014: ICICI Bank was one of six banks to provide a $163 million syndicated loan to Essar Power MP, a special vehicle created by Essar Power to develop the Mahan coal plant. (Thomson One)
June 2014: ICICI Bank was arranger of an $883 million loan to Essar Power to build the Mahan coal plant. (Thomson One)
June 2012: ICICI was arranger of a $330 million loan to Essar Power for the “dev
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
IDFC Ind
South Africa
Idwala Industrial Holdings
Mining
Idwala operates a mine in a wetland in Mpumalanga. The company admitted in a 2013 statement to breaking South African law by diverting a public road and river, mining without a water license for over three years, and partially destroying a wetland in Mpumalanga. Idwala mined in a tributary of the Rietspruit River and then diverted the river without permission. It also released “contaminated water” and pollutants without the required license. Environmentalists in Mpumalanga said that these mining
Ethos Private Equity Fund V
January 2009: Ethos Private Equity Fund V bought a 27% stake in Idwala Industrial Holdings.
http://www.ethos.co.za/portfolio/current-investments/http://www.miningweekly.com/article/new-privateequity-shareholders-for-industrialminerals-group-idwala-2009-01-28/rep_id:3650
Ethos Private Equity Fund V
2005: IFC bought a $25 million equity stake in the Ethos Private Equity Fund V.
https://disclosures.ifc.org/#/projectDetail/SPI/24278
India
Indian Oil Corporation
Industrial
Oil
The Paradip oil refinery is owned by the Indian Oil Corporation. The refinery became operational in 2017. It has an installed capacity of 15 million metric tons per annum. Work on the complex began in 2000.
Approximately 143 families from 17 villages were displaced from their land in 1998 to make way for the refinery. They have not received adequate compensation or employment, as promised by the company.
The project has sparked concerns about pollution and other environmental damage. The refiner
IDFC
April 2014: IDFC was joint book runner in a $499 million Indian Oil Corporation debenture issue to be used for working capital, capital expenditures and general corporate purposes. (Thomson One)
February 2010: IDFC was one of 17 banks to provide a $444 million loan to Indian Oil for “setting up of crude oil and finished product storage and handling facilities for Paradip refinery.” (Thomson One)
ICICI Bank
ICICI owns .10% of Indian Oil’s shares, making it the 15th-largest shareholder. (Thom
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
Philippines
JG Summit Holdings
Power
Coal
Batangas Power Station is a coal-fired power station in Pinamucan, Calabarzon with a total output of 300 megawatts. JG Summit, the power station’s owner, announced plans in 2014 to expand the plant from 300 to 600 megawatts. JG Summit received locational clearance from the city council in June 2016 to begin construction.
http://newsinfo.inquirer.net/791727/batangas-city-approves-permit-for-coal-planthttp://www.philstar.com/business/2014/10/30/1385874/jg-summit-expand-batangas-coal-fired-plant
Rizal Bank
February 2014: Rizal was underwriter for three issues of JG Summit Holdings bonds worth $650 million. (Prospectus)
December 2012: Rizal contributed $15 million in a $250M syndicated loan to JGSH Philippines Ltd. (Thomson One)
https://secure-hwcdn.libsyn.com/p/9/4/e/94ecfcdc315f4930/JG_Summit_-_PHP24_bn_Retail_Bonds_Final_OC_02-10-2014_complete.pdf?c_id=6826940&expiration=1504028907&hwt=031a2fdac810ad1b120be568899c98d2
BDO Unibank
February 2014: BDO was joint lead manager for three
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made
India
Jindal Steel & Power
Coal
Power
Angul Steel power station is an 810-megawatt power station in Odisha, India. It was inaugurated in May 2014.
http://www.sourcewatch.org/index.php/Angul_Steel_power_station
ICICI Bank
ICICI Prudential Life Insurance owns 1.24% of the shares of Jindal Steel & Power. (Thomson One)
March 2014: ICICI was arranger of a $251 loan to Jindal Steel & Power for general corporate purposes. (Thomson One)
March 2013: ICICI acquired $45 million of Jindal Steel & Power’s debentures.
March 2011: Jindal Steel & Power’s external commercial borrowings from ICICI Bank in amounted to $29 million. (Thomson One)
December 2009: ICICI was joint book runner in a $1.5 billion initial public
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
India
Jindal Steel & Power
Industrial
Jindal Steel & Power operates multiple steel plants in Orissa state.
The company has a poor human rights and environmental track record in Orissa. Many indigenous communities affected by the company’s projects do not consent to being relocated. Protesters have been met with repression and violence. The company has acquired land for its projects without consent from affected indigenous communities and resulted in forced displacement with little or no compensation paid. Surveys of affected people
HDFC
March 2015: HDFC was book runner on a $120 million bond issuance for Jindal Steel & Power. (Thomson One)
March 2013: HDFC was the book runner for a $56 million bond issuance for Jindal Steel & Power. (Thomson One)
July 2012: HDFC was sole book runner in a $91 million issue of Jindal Steel & Power bonds for general corporate purposes. (Thomson One)
February 2012: HDFC was sole book runner in a $25 million issue of Jindal Steel & Power bonds for general corporate purposes. (Thomson One)
Kota
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/25444
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
https://disclosures.ifc.org/#/projectDetail/SPI/25800
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the f
India
Jindal Steel & Power
Power
Coal
In April 2015, Jindal completed a 2,400-megawatt expansion of its Chhattisgarh coal-fired power plant.
http://articles.economictimes.indiatimes.com/2015-04-24/news/61493818_1_generation-capacity-power-generation-jindal-steel-power-ltd
IDFC
March 2010: IDFC was lender in a $2.3 billion loan to finance phases three and four of the Chattisgarh plant. (Thomson One)
ICICI
ICICI Prudential Life Insurance owns 1.24% of the shares of Jindal Steel & Power. (Thomson One)
FY 2014-15: Jindal Steel & Power borrowed $223.21 million from ICICI.
March 2014: ICICI was arranger of a $251 loan to Jindal Steel & Power for general corporate purposes. (Thomson One)
March 2013: ICICI acquired $45 million of Jindal Steel & Power’s debentures.
Marc
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
https://disclosures.ifc.org/#/projectDetail/SPI/22065
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmen
India
Jindal Steel & Power
Power
Coal
Dongamahua power station is a 540-megawatt coal-fired power plant located in Chhattisgarh, India that became operational in 2010 and 2012. An additional 300 megawatts have been proposed at the same location. Environmental clearance for the second phase of the project was received in 2012.
http://www.sourcewatch.org/index.php/Dongamahua_Captive_Power_Plant
ICICI
ICICI Prudential Life Insurance owns 1.24% of the shares of Jindal Steel & Power. (Thomson One)
December 2009: ICICI was joint book runner in a $1.5 billion initial public offering of Jindal Power shares, with proceeds to be used for project finance, construction and general corporate purposes. (Thomson One)
June 2006: ICICI was an arranger in a $95 million loan to Jindal Steel & Power to refinance existing debt. (Thomson One)
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
India
Jindal Steel & Power
Power
Coal
Godda Project is a proposed 1,320-megawatt coal-fired power station in Jharkhand, India. In November 2015 Jindal Steel & Power sent a fresh proposal to the state government to start an integrated power plant in Godda. The company said it is in possession of about 500 acres for the plant and approached the Godda district administration for acquisitions of another 700 acres in the vicinity of the 500-acre site.
http://www.sourcewatch.org/index.php/Godda_Project
ICICI Bank
ICICI Prudential Life Insurance owns 1.24% of the shares of Jindal Steel & Power. (Thomson One)
FY 2014-15: Jindal Steel & Power borrowed $223.21 million from ICICI.
March 2014: ICICI was arranger of a $251 loan to Jindal Steel & Power for general corporate purposes. (Thomson One)
March 2013: ICICI acquired $45 million of Jindal Steel & Power’s debentures.
March 2011: Jindal Steel & Power’s external commercial borrowings from ICICI Bank in amounted to $29 million.
December 2009: ICIC
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/25444
Kotak Mahindra
2007: the IFC provided a $4
India
Jindal Steel & Power
Power
Coal
Tamnar power station is a 1,000 megawattcoal-fired power plant located in Raigarh, Chhattisgarh. The Tamnar II project is a 2,400-megawatt addition currently under construction at the same location.
http://www.sourcewatch.org/index.php/Tamnar_power_station
ICICI Bank
ICICI Prudential Life Insurance owns 1.24% of the shares of Jindal Steel & Power. (Thomson One)
FY 2014-15: Jindal Steel & Power borrowed $223.21 million from ICICI.
March 2014: ICICI was arranger of a $251 loan to Jindal Steel & Power for general corporate purposes. (Thomson One)
March 2013: ICICI acquired $45 million of Jindal Steel & Power’s debentures.
March 2011: Jindal Steel & Power’s external commercial borrowings from ICICI Bank in amounted to $29 million.
December 2009: ICIC
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/25444
Kotak Mahindra
2007: the IFC provided a $45
Ethiopia
Karuturi Global
Agribusiness
In November 2010, the Indian company Karuturi Global signed long-term leases with the Ethiopian government on 100,000 hectares of land in the Gambella Region and other 11,000 hectares in Oromia Region to develop sugarcane, corn and oil palm plantations.
Indigenous Anuak and Nuer communities were forcibly removed from the area leased to the firm in Gambella under the government’s villagization program. According to Human Rights Watch, tens of thousands of shifting cultivators and pastoralists w
ICICI Bank
ICICI Bank currently owns 3.15% of Karuturi’s shares, making it the company’s third-largest investor. (Thomson One, accessed September 2016)
2010-2011: ICICI Bank provided $40 million in loans to Karuturi.
February 2011: ICICI Bank provided $2.4 million loan to Karuturi.
February 2008: ICICI Bank provided a $5.2 million loan to Karuturi.
February 2007: ICICI Bank provided a $740,000 loan to Karuturi.
Sources:
1. https://www.zaubacorp.com/company/Karuturi-Global-Limited/L01122KA1994PL
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
Philippines
Mariveles Power Generation Corp.
Power
Coal
The Mariveles Power Station is a planned 600-megawatt coal-fired plant in Mariveles, Bataan. Construction of the plant is expected to be completed by 2019, with commercial operations beginning by 2020.
SMC Global Power Holdings Corp. and the Manila Electric Company each held 49% of Mariveles Power Generation Corp. stock, as of June 2016.
http://thestandard.com.ph/business/209351/meralco-acquires-49-of-san-miguel-s-power-unit-in-bataan.htmlhttp://www.bworldonline.com/content.php?section=Corpor
Rizal Bank
April 2017: Rizal participated in issuing bonds for SMC worth $200.88M. (source) + (Thomsonone)
March 2017: Rizal managed bond issues worth a total of roughly $397.30M for SMC. (source) + (Thomsonone)
July 2016: Rizal managed three SMC Global Power Holdings bond issues worth $316 million to be used for general corporate purposes. (Bloomberg) + (here)
February 2014: Rizal was underwriter for three issues of JG Summit Holdings bonds worth $672 million. (Bloomberg & Prospectus) Net proce
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made
Philippines
Masinloc Power Partners Co. Ltd
Power
Coal
Masinloc Power Partners is expanding its existing 295-megawatt coal plant in Masinloc to 630 megawatts.
The original plant, constructed in 1998, has a highly problematic history.
Opposition to coal plants in the Philippines is widespread. Coal plants cause pollution, exacerbate climate change, and harm the health of people and the environment. The mines that supply them are a leading cause of deforestation.
http://www.philstar.com/business/2016/03/05/1559494/masinloc-power-starts-expansion-zam
Rizal Bank
December 2015: Rizal was one of five banks to provide a $525 million loan to Masinloc to expand the Zambales plant. (Thomson One)
December 2012: Rizal provided a $500 million loan to Masinloc to be used for refinancing. (Bloomberg)
February 2008: Rizal was one of the banks to provide $195M loan to finance the acquisition of Masinloc power plants and to fund capital expenditures. (Thomsonone).
April 2008: The IFC invested $275 million in April 2008 to partly finance the privatization of Masinloc Power Partners and currently held an 8.05% stake in the company as of March 2016.
https://disclosures.ifc.org/#/projectDetail/ESRS/26405http://www.philstar.com/business/2016/03/05/1559494/masinloc-power-starts-expansion-zambales-coal-fired-plant
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 m
Cambodia
Mesco Steel
Mining
Angkor Gold holds mining licenses covering over 10% of Ratanikiri province in northeastern Cambodia. These licenses overlap with thousands of hectares of indigenous community territory.
While the company has claimed to implement free, prior and informed consent and high standards of corporate responsibility, some NGOs working in the area have cast doubt on this. In several areas, communities are resisting the company's attempts to expand exploration.
Sources:
1. https://www.zaubacorp.com/compan
Kotak Mahindra Bank
March 2015: Kotak Mahindra provided a $2.26 million loan to Mesco.
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
India
NHPC
Sewa – II Hydro Power Station is a 120 MW hydro power station in Kathua, Jammu & Kashmir. All units were commissioned in July 2012.
National Hydroelectric Power Corporation, Ltd. (NHPC) is an Indian hydropower generation company that currently owns and operates 20 large hydropower dams across the country and is engaged in the construction of four more large dams.
A 2008 report by four international development watchdog organizations, entitled “NHPC: People Don’t Matter,” states that NHPC has “ma
Kotak Mahindra Bank
August 2009: As a joint lead manager for NHPC’s initial public offering, Kotak Mahindra’s subsidiary, Kotak Mahindra Capital purchased 27.48% of IPO shares for a total investment value of $343.5 million.
March 2012: Kotak Mahindra was a joint book runner for a $253.4 million bond issuance for general corporate purposes. (Thomson One)
ICICI Bank
March 2012: ICICI was a joint book runner for a $253.4 million bond issuance for general corporate purposes. (Thomson One)
Axis Ban
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
Yes Bank
March 2012: IFC provided a $75 million loan to Yes for “augmenting its capital base a
India
NHPC
Hydropower
Chamera – III Small Pondage Scheme is a 231-megawatt hydro power dam in the Chamba district in Himachal Pradesh. All units were commissioned in June 2012.
Chamera – III has deeply affected local ecology and significantly impacted biodiversity in a negative way.
A 2008 report by four international development watchdog organizations, entitled “NHPC: People Don’t Matter,” states that NHPC has “managed to set a new standard for corporate irresponsibility and sheer callousness.” According to Internat
Kotak Mahindra
March 2012: Kotak Mahindra was a joint book runner for a $253.4 million bond issuance for general corporate purposes. (Thomson One)
August 2009: As a joint lead manager for NHPC’s initial public offering, a Kotak Mahindra subsidiary, Kotak Mahindra Capital purchased 27.48% of shares for a total investment value of $343.5 million.
http://www.business-standard.com/article/markets/nhpc-ipo-subscribed-over-23-times-109081203068_1.html
ICICI Bank
March 2012: ICICI was a joint book run
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Yes Bank
March 2012: IFC provided a $75 million loan to Yes for “augmenting its capital base and to prepare it for Basel III implementation,” among other purposes.
Source:
1. https://disclosures.ifc.org/#/projectDetail/SPI/25800
2. https://disclosures.ifc.org/#/projectDetail/S
India
NHPC
Hydropower
Kishanganga Hydroelectric Project is a 330-megawatt hydro power station in the Village of Kralpore in the Baramulla District in Jammu & Kashmir. The project is currently under construction and is expected to be completed in November 2016.
A report in 2011 states that the construction will displace about 150 families and is in violation of Article 370, “which guarantees ‘special status’ to J&K and whereby no outside agency or person can acquire or purchase land, unless leased out through state go
HDFC Bank
HDFC Asset Management (a subsidiary of HDFC Bank) owns 0.73% shares in NHPC. (Thomson One)
June 2016: HDFC was a joint book runner for a $80.28 million bond issuance for general corporate purposes. (Thomson One)
July 2016: HDFC was a joint book runner on a $53.52 million bond issuance for general corporate purposes. (Thomson One)
July 2015: HDFC was a joint book runner for a $232.8 million bond issuance for general corporate purposes. (Thomson One)
November 2014: HDFC was a joint book
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This
India
NHPC
Hydropower
Lower Subansiri is a planned 2,000-megawatt hydropower project that is currently under construction. It is expected to be completed in December 2018.
Loewr Subansiri is the largest hydropower project to be undertaken in India.
In 2013, a report stated that the dam was unsafe and that it ignored flood control measures implemented in the 1980s. The report goes on to state that there is a possible seismic threat posed by the dam.
The dam will cause a range of impacts downstream, including harming
HDFC Bank
HDFC Asset Management (a subsidiary of HDFC Bank) owns 0.73% shares in NHPC. (Thomson One)
June 2016: HDFC was a joint book runner for a $80.28 million bond issuance for general corporate purposes. (Thomson One)
July 2016: HDFC was a joint book runner on a $53.52 million bond issuance for general corporate purposes. (Thomson One)
July 2015: HDFC was a joint book runner for a $232.8 million bond issuance for general corporate purposes. (Thomson One)
November 2014: HDFC was a joint book
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This
India
NHPC
Hydropower
Parbati – II Hydro Power Station is a planned 800-megawatt dam in Himachal Pradesh that is currently under construction and is expected to be completed by December 2018.
The construction of the dam has been problematic since the beginning with NHPC now being 10 years behind schedule on the project citing, multiple problems with financing and construction.
During the initial phases of the project in 2003, there were issues with non-compliance with government and environmental standards. Further
HDFC Bank
HDFC Asset Management (a subsidiary of HDFC Bank) owns 0.73% shares in NHPC. (Thomson One)
June 2016: HDFC was a joint book runner for a $80.28 million bond issuance for general corporate purposes. (Thomson One)
July 2016: HDFC was a joint book runner on a $53.52 million bond issuance for general corporate purposes. (Thomson One)
July 2015: HDFC was a joint book runner for a $232.8 million bond issuance for general corporate purposes. (Thomson One)
November 2014: HDFC was a joint book
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This
India
NHPC
Hydropower
Parbati – III Hydro Power Station is a 520-megawatt hydro power plant in Himachal Pradesh. The first unit was commissioned in March 2014, and the last in June 2014.
There have been many concerns from the local residents about displacement, deforestation, loss of cultural sites such as temples, and other social issues that could affect the area negatively. The local residents have brought these concerns up in meetings with NHPC representatives and in demonstrations.
National Hydroelectric Power C
HDFC Bank
HDFC Asset Management (a subsidiary of HDFC Bank) owns 0.73% shares in NHPC. (Thomson One)
February 2013: HDFC was a joint book runner for a $16.72 million bond issuance for general corporate purposes. (Thomson One)
February 2013: HDFC was a joint book runner for a $75.77 million bond issuance for general corporate purposes. (Thomson One)
February 2013: HDFC was a joint book runner for a $186.09 million bond issuance for general corporate purposes. (Thomson One)
Kotak Mahindra Bank
F
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This
India
NTPC
Coal
Power
North Karanpura power station is a proposed 1,980-megawatt coal-fired power station in Jharkhand, India. Construction began in August 2014. The power station is planned for operation in 2018-2019.
Source: http://www.sourcewatch.org/index.php/North_Karanpura_power_station
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Coal
Power
Pudimadaka Ultra Mega Power Project is a proposed 4,000-megawatt coal-fired power station in Andhra Pradesh, India. A terms of reference was issued for the project in February 2015. NTPC has not said when it expects the project to become operational.
Source:
1. https://disclosures.ifc.org/#/projectDetail/SII/34478
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Hydropower
Koldam Hydro Power Plant is a planned 800-megawatt hydro power plant in Himachal Pradesh.
The dam’s reservoir could submerge approximately 68 villages. Residents say that have not been consulted about the project, and the compensation on offer is not adequate. The dam will also submerge a religious pilgrimage site.
Source:
1. http://www.ntpc.co.in/power-generation/hydro-based-power-projects/koldam
2. http://www.tribuneindia.com/news/himachal/community/ntpc-commissions-two-units-of-kol-dam/61601
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Hydropower
Tapovan Vishnugad is a 520-megawatt hydropower plant under construction in Uttarakhand.
While the plant began construction in 2006, it has faced multiple delays from a range of problems and is slated to be completed in 2016.
Local residents were concerned with the new hydro power project for multiple reasons: it would degrade water quality and ruin crops, heavy blasting required for construction would destabilize the geology and lead to deforestation leading to resource shortages, and resident
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Mining
Coal
NTPC is developing a coal mine in Jharkhand state. The company has received government permission to mine 1,026 hectares of forest land as part of the project. Many local communities depend on the forest for farming, livestock grazing, and forest products, according to Amnesty International. The project will affect approximately 38,000 people. Many affected community members say they have not been consulted about the project and have been offered inadequate compensation for their land.
At least
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Power
Coal
Barethi Super Thermal Power Project is a proposed 2640-megawatt coal-fired power station in Madhya Pradesh, India. Terms of reference were granted in 2010 and extended in 2014. In July 2016, the environment ministry's Expert Appraisal Committee deferred giving green clearance due to environmental concerns.
Source:
1. http://www.sourcewatch.org/index.php/Barethi_Super_Thermal_Power_Project
2. http://www.business-standard.com/article/economy-policy/panel-defers-green-nod-to-ntpc-s-rs-17-800-cro
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fund
India
NTPC
Power
Coal
Barh Super Thermal Power Station is a planned 3,300-megawatt coal plant being built in Bihar. The plant is partially operational.
http://www.power-technology.com/projects/barh-coal/
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Power
Coal
Bongaigon Power Station is 250-megawatt coal power plant in Kokrajhar district. The first unit was commissioned in November 2015.
The facility will be expand by two more 500 megawatts, bringing the full capacity to 750 megawatts.
Source:
1. https://www.telegraphindia.com/1140206/jsp/northeast/story_17902655.jsp#.V6EA9biANBe
2. http://www.business-standard.com/article/pti-stories/bhel-commissions-250-mw-unit-of-ntpc-s-bongaigaon-power-plant-115062300449_1.html
3. https://www.telegraphindia.com
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Power
Coal
National Capital Dadri Power Station is a coal power plant in Uttar Pradesh. The plant’s final two units, with a combined capacity of 980 megawatts, were commissioned in 2010.
http://www.ntpc.co.in/power-generation/coal-based-power-stations/dadri
ICICI Bank
ICICI Prudential Asset Management, a subsidiary of ICICI, owns 1.09% of NTPC’s shares. (Thomson One)
November 2008: ICICI was a joint book runner of a $137 million NTPC bond issuance for general corporate purposes. (Thomson One)
Source: http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=11711790
Kotak Mahindra
February 2010: Kotak Mahindra Capital (a subsidiary of Kotak Mahindra) was a joint book runner of a $1.79 billion offering of NTPC shares. (Thomson One)
S
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
Source:
1. https://disclosures.ifc.org/#/projectDetail/SPI/25492
2. https://disclosures.ifc.org/#/projectDetai
India
NTPC
Power
Coal
Darlipalli power station is a 1,600-megawatt coal-fired power station proposed by NTPC in Odisha, India.
Phase I of the project is under construction (permit received in 2014) and planned for operation in 2018.
Source: http://www.sourcewatch.org/index.php/Darlipalli_Super_Thermal_Power_Station
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Power
Coal
Farakka Power Station is a coal power plant in West Bengal. The plant’s final unit, with a capacity of 500 megawatts, was commissioned in March 2011.
Source:
http://www.ntpc.co.in/power-generation/coal-based-power-stations/farakka
HDFC
HDFC Asset Management (a subsidiary of HDFC) owns .17% of shares in NTPC. (Thomson One, verified September 2016)
ICICI Bank
January 2011: ICICI was a joint book runner of a $66 million NTPC bond issuance for general corporate purposes. (Thomson One)
November 2008: ICICI was a joint book runner of a $137 million NTPC bond issuance for general corporate purposes. (Thomson One)
IDFC
IDFC owns .02% of NTPC shares. (Thomson One)
Kotak Mahindra
2010: Kotak Mahindra Capital (a subsidiary of Ko
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify it
India
NTPC
Power
Coal
Feroze Gandhi Unchahar Power Station, also known as Unchahar power station, is a coal-fired power station in Unchahar, India that is owned and operated by NTPC. The plant is being expanded 500 megawatts. Construction is underway and is planned for completion by 2018.
Source:
http://www.sourcewatch.org/index.php/Feroze_Gandhi_Unchahar_Power_Station
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank 2014:
IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fu
India
NTPC
Power
Coal
Gadarwara Super Thermal Power Project is a 1,600-megawatt coal-fired power station being built in Madhya Pradesh, India. Construction began in March 2014, with a proposed commissioning date of 2017-2018.
Source: http://www.sourcewatch.org/index.php/Gadarwara_Super_Thermal_Power_Project
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fund
India
NTPC
Power
Coal
Kahalgaon power station is a coal-fired power plant in Bhagalpur, Bihar state. Units five, six and seven have become operational since 2008, adding a combined 1,500 megawatts of capacity.
http://www.sourcewatch.org/index.php/Kahalgaon_Super_Thermal_Power_Plant
HDFC
HDFC Asset Management (a subsidiary of HDFC) owns .17% of shares in NTPC. (Thomson One, verified September 2016)
http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=13622519
ICICI
November 2008: ICICI was a joint book runner of a $137 million NTPC bond issuance for general corporate purposes. (Thomson One)
IDFC
IDFC owns .02% of NTPC shares. (Thomson One)
Kotak Mahindra
2010: Kotak Mahindra Capital (a subsidiary of Kotak Mahindra) was a joint book runner of a $1.79
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its bor
India
NTPC
Power
Coal
Katwa Super Thermal Power Project is a proposed 1,600-megawatt coal-fired power station in West Bengal, India. NTPC received a terms of reference for the project in December 2014.
http://www.sourcewatch.org/index.php/Katwa_Super_Thermal_Power_Project_(NTPC)
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fund
India
NTPC
Power
Coal
Khargone power station is a proposed 1,320-megwatt coal-fired power plant in Madhya Pradesh, India. The plant is expected to be operational in 2019-2020.
Source: http://www.sourcewatch.org/index.php/Khargone_power_station
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fund
India
NTPC
Power
Coal
The Korba Power Station is a coal power plant in the Korba district of Chattisgarh. The plant’s final unit, with a capacity of 500 megawatts, was commissioned in December 2010.
1. http://www.ntpc.co.in/power-generation/coal-based-power-stations/korba
HDFC
HDFC Asset Management (a subsidiary of HDFC) owns .17% of shares in NTPC. (Thomson One)
ICICI Bank
November 2008: ICICI was a joint book runner of a $137 million NTPC bond issuance for general corporate purposes. (Thomson One)
IDFC
IDFC owns .02% of NTPC shares. (Thomson One)
Kotak Mahindra
2010: Kotak Mahindra Capital (a subsidiary of Kotak Mahindra) was a joint book runner of a $1.79 billion offering of NTPC shares. (Thomson One)
Source:
1. http://www.bloomberg.com/research/stocks
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify it
India
NTPC
Power
Coal
Kudgi Super Thermal Power Project is a 4,000-megawatt coal-fired power station being built in Karnataka, India. In 2015, NTPC said work on the plant was 80% complete.
http://www.sourcewatch.org/index.php/Kudgi_Super_Thermal_Power_Project
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fund
India
NTPC
Power
Coal
Mauda Power Station is 1,660-megawatt coal power plant in Maharashtra. The first unit was commissioned in 2013 and the last in 2016.
Source:
1. http://www.pmindia.gov.in/en/news_updates/pm-at-mouda-maharashtra-3/
2. http://www.moneycontrol.com/news/business/announcements/-1206433.html
3. http://www.moneycontrol.com/news/business/companies/ntpc-commissions-unit-3660-mw-at-mouda-stps-1026732.html
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Power
Coal
Ramagundam power station is a proposed 2,600-megawatt coal-fired power plant in Telangana, India. Construction is expected to begin in March 2017. Commercial operation is planned for 2020.
Source: https://disclosures.ifc.org/#/projectDetail/SPI/25800
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Power
Coal
Rihand Power Station is a coal power plant in Uttar Pradesh. The plant’s final two units, with a generating capacity of 1,000 megawatts, were commissioned in 2012 and 2013.
http://www.sourcewatch.org/index.php/Rihand_power_station
ICICI Bank
April 2012: ICICI was a joint book runner of a $95 million NTPC bond issuance for general corporate purposes. (Thomson One)
January 2012: ICICI was a joint book runner of a $99 million NTPC bond issuance for general corporate purposes. (Thomson One)
January 2011: ICICI was a joint book runner of a $66 million NTPC bond issuance for general corporate purposes. (Thomson One)
November 2008: ICICI was a joint book runner of a $137 million NTPC bond issuance for general corporate purposes.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
Yes Bank
December 2013: IFC provided a $60 million loan to Yes for “growing its assets, increasing its reach a
India
NTPC
Power
Coal
Santaldih power station is a coal plant operated by NTPC in West Bengal, India. In 2011, unit six, with a capacity of 250 megawatts, became operable.
Source: http://www.sourcewatch.org/index.php/Santaldih_Thermal_Power_Station
HDFC
HDFC Asset Management (a subsidiary of HDFC) owns .17% of shares in NTPC. (Thomson One, verified September 2016)
http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=13622519
ICICI
November 2008: ICICI was a joint book runner of a $137 million NTPC bond issuance for general corporate purposes. (Thomson One)
IDFC
IDFC owns .02% of NTPC shares. (Thomson One)
Kotak Mahindra
2010: Kotak Mahindra Capital (a subsidiary of Kotak Mahindra) was a joint book runner of a $1.79
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
https://disclosures.ifc.org/#/projectDetail/SPI/25444
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
IDFC
2005: IFC loaned IDFC $50 million to
India
NTPC
Power
Coal
Simhadri Power Station is a coal power plant in Andhra Pradesh. The plant’s final two units, with a generating capacity of 1,000 megawatts, were commissioned in 2011 and 2012.
http://www.ntpc.co.in/power-generation/coal-based-power-stations/simhadri
ICICI Bank
September 2012: ICICI was a joint book runner of a $74 million NTPC bond issuance for general corporate purposes. (Thomson One)
April 2012: ICICI was a joint book runner of a $95 million NTPC bond issuance for general corporate purposes. (Thomson One)
January 2012: ICICI was a joint book runner of a $99 million NTPC bond issuance for general corporate purposes. (Thomson One)
January 2011: ICICI was a joint book runner of a $66 million NTPC bond issuance for general corporate purposes.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
Yes Bank
December 2013: IFC provided a $60 million loan to Yes for “growing its assets, increasing its reach a
India
NTPC
Power
Coal
Sipat Power Station is 2,980-megawatt coal power plant in Bilaspur, Chhatisgarhbuilt. The project was commissioned in stages between 2008 and 2011.
http://www.ntpc.co.in/power-generation/coal-based-power-stations/sipat
ICICI Bank
January 2011: ICICI was a joint book runner of a $66 million NTPC bond issuance for general corporate purposes. (Thomson One)
November 2008: ICICI was a joint book runner of a $137 million NTPC bond issuance for general corporate purposes. (Thomson One)
Kotak Mahindra
February 2010: Kotak Mahindra Capital (a subsidiary of Kotak Mahindra) was a joint book runner of a $1.79 billion offering of NTPC shares. (Thomson One)
http://www.bloomberg.com/research/stocks/private/snapshot.asp?priv
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
Source:
1. https://disclosures.ifc.org/#/projectDetail/SPI/25492
2. https://disclosures.ifc.org/#/projectDetail/SPI/25800
India
NTPC
Power
Coal
Solapur power station is a proposed 1320-megawatt coal plant in Maharashtra, India. As of 2014, the project was under construction. The units were planned for operation in 2016-2017.
Source: http://www.sourcewatch.org/index.php/Solapur_power_station
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fundi
India
NTPC
Power
Coal
Talcher Kaniha Super Thermal Power Station is a coal plant in Kaniha, Odisha. In June 2015, NTPC proposed expanding the plant by 1,600 megawatts.
http://www.sourcewatch.org/index.php/Talcher_Kaniha_Super_Thermal_Power_Station
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fund
India
NTPC
Power
Coal
Talcher power station is a coal-fired power station in Odisha, India. In 2014, NTPC proposed expanding the plant by 1320 megawatts.
http://www.sourcewatch.org/index.php/Talcher_power_station
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporaote purposes. (Thomsn One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fund
India
NTPC
Power
Coal
Tanda power station is a coal-fired power station in Uttar Pradesh, India. NTPC has proposed expanding the plant by 1,320 megawatts, with a proposed commissioning date of 2018-2019.
http://www.sourcewatch.org/index.php/Tanda_power_station
Axis Bank
August 2016: Axis was a joint book runner on a $119 million bond issue for general corporate purposes. (Thomson One)
August 2016: Axis was a joint book runner on a $300 million bond issue for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $160 million NTPC bond issuance for general corporate purposes. (Thomson One)
May 2016: Axis was a joint book runner on a $150 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 201
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC Bank
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the fun
India
NTPC
Power
Coal
Vindhyachal Power Station is a coal power plant in Madhya Pradesh. The plant added 1,500 megawatts of capacity between 2012 and 2015.
When the plant was in its initial phases, local communities struggled with NTPC and other agencies for their rights to the land.
Source:
1. http://www.ntpc.co.in/power-generation/coal-based-power-stations/vindhyachal
2. http://www.sourcewatch.org/index.php/Vindhyachal_power_station
3. https://dspace.mit.edu/bitstream/handle/1721.1/66748/27352764-MIT.pdf?sequence=
Axis Bank
December 2015: Axis was a joint book runner on a $75 million NTPC bond issuance for general corporate purposes. (Thomson One)
August 2015: Axis was a joint book runner on a $46 million NTPC bond issuance for general corporate purposes. (Thomson One)
September 2014: Axis was a joint book runner on a $164 million NTPC bond issuance for general corporate purposes. (Thomson One)
February 2014: Axis was a joint book runner on $81 million NTPC bond issuance for general corporate purposes. (T
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms, as well as increase its market share.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding ne
India
Nuziveedu Seeds
Agribusiness
Nuziveedu Seeds is India’s leading hybrid cotton seed company.
A 2015 report by the India Committee of the Netherlands found that more than 200,000 children under 14 years of age were working on cottonseed fields in India, accounting for nearly 25% of the total workforce.
Forty-nine Nuziveedu farms were surveyed for the report. It concluded that “unless the major seed companies like Nuziveedu…start taking effective measures against child labor, it remains difficult to address the problem at an
Axis Bank
April 2015: Axis was manager of Nuziveedu’s initial public offering.
July 2014: Axis Bank provided Nuziveedu with a cash credit facility of $151 million.
Other Axis loans to Nuziveedu appear to have been made, dating back to 2010.
http://www.moneycontrol.com/news_html_files/pdffiles/apr2015/Nuziveedu_Seeds_DRHP.pdf
IDFC
April 2015: IDFC was manager of Nuziveedu’s initial public offering.
http://www.moneycontrol.com/news_html_files/pdffiles/apr2015/Nuziveedu_Seeds_DRHP.pdf
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
https://disclosures.ifc.org/#/projectDetail/SII/34782
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
https://disclosures.ifc.org/#/projectDetail/SPI/22065
Laos
Olam
Agribusiness
Olam, through subsidiary Outspan Bolovens, is developing a 2,000-hectare coffee plantation on the Boloven Plateau in northern Laos. To date, 1,300 hectares have been planted.
The plantation will impact members of the indigenous Nha Huen/Yahern community, many of whom oppose the project. The project’s impacts include destruction of agricultural land, impacts on livelihoods and food security, destruction of sacred land, soil and water contamination, and harm to biodiversity.
Environmental and soci
ICICI Bank
2006: Olam received a $300 million loan from ICICI and other banks “to refinance existing debt, finance permanent working capital and for general corporate funding requirements.” (Thomson One)
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
Gabon
Olam
Agribusiness
In 2010, Olam received a 300,000-hectare land bank from the Government of Gabon to develop industrial oil palm plantations. According to one investigation, Olam’s plantations have since led to the destruction of at least 19,000 hectares of rainforest and adverse impacts on the land and resource rights of local communities.
http://www.mightyearth.org/wp-content/uploads/2016/07/Olam-technical-report_Dec-9_with-images_lowres1-002.pdfhttp://www.brainforest-gabon.org/actualites/?id=127
Ecobank Transnational
July 2012: Ecobank Capital, the investment banking arm of Ecobank Transnational, arranged a $228 million loan to Olam Palm Gabon to develop palm oil plantations and build mills. At least $24 million was contributed to the syndicate by EcoBank subsidiaries in Gabon, Cameroun, Congo, and Central African Republic (Bloomberg).
http://allafrica.com/stories/201207250959.html
Ecobank Transnational
2010: IFC made a $137 million investment in Ecobank Transnational. This transaction included loans and an equity purchase through the IFC Capitalization Fund.
https://disclosures.ifc.org/#/projectDetail/SPI/29145
Dubai
Olive Group
Military
Olive Group is one of the world’s largest private security firms, with revenues of approximately $1 billion and 11,000 employees operating in more than 30 countries. It was involved in combat during the Iraq War and post-Gaddafi Libya. It conducts security operations around the world. The company was founded by a former member of the British Special Forces.
Source:
1.http://www.telegraph.co.uk/finance/newsbysector/industry/defence/11589413/British-security-firm-Olive-plans-expansion-after-US-me
Gulf Credit Opportunities Fund I
October 2013: The Gulf Credit Opportunities Fund I bought an undisclosed number of shares in the Olive Group. (Thomson One)
Note: In May 2015, the fund divested from Olive Group.
1.https://www.gulfcapital.com/en-US/1/1023/Olive_Group
Gulf Credit Opportunities Fund I
In March 2013, IFC made a $20 million equity investment in the Gulf Credit Opportunities Fund, which is managed by Abu Dhabi-based Gulf Capital.
1.https://disclosures.ifc.org/#/projectDetail/SII/32640
Philippines
Palm Concepcion Power Corp.
Power
Coal
Concepcion Power Station is a planned 270-megawatt coal-fired plant in Concepcion, Iloilo.
Construction began in July 2013, and the plant is expected to be fully commissioned by August 2016.
http://www.sourcewatch.org/index.php/Concepcion_power_stationhttp://thestandard.com.ph/business/212143/new-coal-station-rising.html
BDO Unibank
July 2013: BDO was part of a consortium of banks that provided a loan of $138.6 million to Palm Concepcion Power Corp. for the construction of the Concepcion plant. (Bloomberg)
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a $150 million equity investment in BDO Unibank.
2007: IFC provided a $149 million loan to BDO Unibank.
https://disclosures.ifc.org/#/projectDetail/SPI/29330https://disclosures.ifc.org/#/projectDetail/SPI/25701
Philippines
Panay Energy Development Corp
Coal
Power
Panay Energy Development Corp. owns Panay Power Station, a 164-megawatt coal-fired power station in Iloilo Province that became operational in 2010-2011. Panay began construction on a 150-megawatt expansion unit in October 2013 that is expected to begin operation in August 2016.
Opposition to coal plants in the Philippines is widespread. Coal plants cause pollution, exacerbate climate change, and harm the health of people and the environment. The mines that supply them are a leading cause of de
Rizal Bank
March 2015: Rizal provided two loan tranches to Panay Energy Development Corp worth $218 million and $26.7 million to expand the Panay coal plant. (Bloomberg)
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
United States
Philip Morris
Agribusiness
Philip Morris is the world’s largest international tobacco company. Tobacco is on the IFC’s exclusion list.
https://www.nbcnews.com/business/business-news/world-s-largest-tobacco-company-going-stop-making-cigarettes-n690026http://www.ifc.org/wps/wcm/connect/Topics_Ext_Content/IFC_External_Corporate_Site/Sustainability-At-IFC
Raiffeisen Bank International
October 2015: Raiffeisen was a participant in a syndicated revolving credit facility worth $3.5 billion to Philip Morris for general corporate purposes. (Thomson One)
February 2014: Raiffeisen was a participant in a syndicated revolving credit facility worth $2.5 billion to Philip Morris for general corporate purposes. (Thomson One)
December 2011: Raiffeisen was a lender in a $3.5 billion syndicated loan to Philip Morris for general corporate purposes. (Thomson On
Raiffeisen Bank International
2014: IFC made a $186 million “straight equity” investment in Raiffeisen Bank International.
https://disclosures.ifc.org/#/landing
Philippines
PowerGen Corp.
Power
Coal
The Atimonan Power Station is a proposed 1,200-megawatt coal-fired station in Atimonan, Quezon Province owned by Meralco PowerGen Corp. Meralco PowerGen Corp. is a wholly owned subsidiary of Manila Electric Company. Construction was expected to begin in early 2016.
Led by church leaders, more than 1,500 protestors marched against the plant in June 2015.
http://www.sourcewatch.org/index.php/Atimonan_power_stationhttp://www.philstar.com/business/2015/11/04/1518009/meralco-power-gen-eyes-construc
Rizal Bank
December 2013: Rizal was joint manager of two issues of Manila Electric Company bonds worth a total of $419 million. (Prospectus)
February 2014: Rizal was underwriter for three issues of JG Summit Holdings bonds worth $672 million. (Bloomberg & Prospectus) Net proceeds from the bonds were intended to partially finance JG Summit’s acquisition of Manila Electric Company and for general corporate purposes. JG Summit Holdings acquired a 27% stake in Manila Electric Company in December 201
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made
Indonesia
PT Adaro Energy
Coal
PT Adaro Energy is Indonesia’s second-largest coal producer. The
company holds tens of thousands of hectares of mining concessions throughout the archipelago. Adaro Energy’s MetCoal concessions, which it acquired from BHP Billiton in 2016, threatens to deprive the indigenous people of their land, pollute water sources used by millions of people, and destroy the 75,000 hectares of primary rainforest located within the mining concessions.
Annual coal production: 51 million metric tons
Installed
2007: Saratoga Asia II made an IDR978 billion equity investment in Adaro Energy.
http://saratoga-investama.com/wp-content/uploads/2016/03/Saratoga-Presentation-9M-2015-printed-final.pdf
**The fund divested from Adaro Energy in 2011, according to the IFC.
December 2007: IFC invested $25 million in Saratoge Asia II, a private equity fund. IFC is represented on the fund’s advisory board.
https://disclosures.ifc.org/#/projectDetail/SPI/25722
Indonesia
PT Samindo Resources Tbk
Coal
PT Samindo Resources Tbk is an Indonesian coal mining and services company. Although focused mainly on mining services, Samindo Resources is currently pursuing a coal mining acquisition
plan.
Sources:
http://samindoresources.com/corporate-info/company-historyhttp://samindoresources.com/news/samindo-encourages-coal-production
December 2012: Samindo Resources obtains a long-term loan facility of $23 million from PT Bank KEB Hana Indonesia. Samindo
Resources and KEB Hana Indonesia have a longstanding banking relationship.
http://samindoresources.com/res/fiona/drive/uploads/AR%20Samindo%202017.pdf
December 2007: IFC made a $5 million equity investment which, combined with an investment from South Korea’s Hana Bank, was used to acquire the Indonesian bank PT Bank Bitang Manunggal. The IFC remains a shareholder in the resulting PT Bank KEB Hana Indonesia.
July 2010: IFC provided a $15 million short term finance facility to PT Bank KEB Hana Indonesia. The investment was intended to “support its long-term partner, particularly in:
- Strengthening Hana Indonesia’s position in trade finance;
Nicaragua
Queiroz Galvao
Eletrobras
Hydropower
The proposed Tumarin dam project is jointly owned by two Brazilian firms, Queiroz Galvao (90%) and Eletrobras. The project has caused forced evictions of indigenous people, along with detrimental effects to the environment and local subsistence practices. The project was put on hold in April 2016 because of corruption charges.
https://ejatlas.org/conflict/tumarin-hydroelectric-dam-nicaraguahttp://www.hydroworld.com/articles/2016/04/development-of-nicaragua-s-253-mw-tumarin-hydroelectric-plant
Itau Unibanco
May 2014: Itau Unibanco was sole book runner in a $45 million issue of Queiroz Galvao bonds to be used for general corporate purposes. (Thomson One)
Itau Unibanco
2014: IFC provided Itau Unibanco with a $100 million loan to “support Itaú’s lending operations to companies located throughout Brazil, making climate smart investments (in areas such as renewable energy and energy efficiency), promoting the availability of financing to this sector.”
2007: IFC provided Unibanco, which merged with Itau in 2008, a $100 million loan to “to support on-lending involving environment-related sub-projects.”
https://disclosures.ifc.org/#/projectDetail/SII/
Philippines
Redondo Peninsula Energy
Power
Coal
The Subic Power Station is a 600-megawatt coal-fired power plant under construction in Subic Bay Freeport Zone, Zambales Province. Construction is expected to be complete by mid-2018.
Aboitiz Power Corp will have a 25% equity stake in Redondo Peninsula Energy through its subsidiary Therma Power Inc. Aboitiz Power Corp is a subsidiary of Aboitiz Equity Ventures Inc.
Meralco PowerGen Corp., the wholly owned energy subsidiary of Manila Electric Company, is a member of the consortium of three comp
Rizal Bank
August 2015: Rizal managed three bond issues worth $525 million for Aboitiz. (Prospectus)
February 2014: Rizal was underwriter for three issues of JG Summit Holdings bonds worth $672 million. (Bloomberg & Prospectus) Net proceeds from the bonds were intended to partially finance JG Summit’s acquisition of Meralco and for general corporate purposes. JG Summit Holdings acquired a 27% stake in Meralco in December 2013.
December 2013: Rizal was joint manager of two issues of Manila Electr
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a $
India
Reliance Power
Power
Coal
Reliance Power’s 600-megawatt Butibori coal plant became fully operational in April 2014.
http://economictimes.indiatimes.com/industry/energy/power/reliance-powers-butibori-plant-becomes-fully-operational/articleshow/33079268.cms?intenttarget=no
IDFC
IDFC Asset Management, a subsidiary of IDFC, owns .12% of Reliance shares, making it the eighth-largest shareholder. (Thomson One)
Yes Bank
May 2012: Yes Bank was arranger of a $536 million loan to build the Butibori coal plant. (Thomson One)
ICICI Bank
ICICI Prudential Asset Management, a subsidiary of ICICI, owns .02% of Reliance shares, making it the 13th-largest shareholder. (Thomson One)
January 2008: ICICI was joint book runner on a $2.9 billion offering of Reliance shares, with the
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
Yes Bank
March 2012: IFC provided a $75 million loan to Yes for “augmenting its capital base and to prepare it for Basel III implementation,” among other purposes.
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Kotak Mahindra
2007: the IF
India
Reliance Power
Power
Coal
Reliance Power is building the 3,960-megawatt Chitrangi coal plant in Madhya Pradesh.
Source: http://www.reliancepower.co.in/rpowersms/jsp/coal_based_projects.jsp
Axis Bank
July 2016: Axis Bank was the book runner again for Reliance Power for bonds worth $37 million. (Thomson One)
July 2015: Axis Bank was the book runner again for Reliance Power for bonds worth $24 million. (Thomson One)
IDFC
IDFC Asset Management, a subsidiary of IDFC, owns .12% of Reliance shares, making it the eighth-largest shareholder. (Thomson One)
ICICI Bank
ICICI Prudential Asset Management, a subsidiary of ICICI, owns .02% of Reliance shares, making it the 13th-largest sharehol
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Kotak Ma
India
Reliance Power
Power
Coal
Reliance Power is building the 4,000-megawatt Krishnapatnam coal plant in Andhra Pradesh.
Source: http://www.reliancepower.co.in/rpowersms/jsp/coal_based_projects.jsp
Axis Bank
July 2016: Axis Bank was the book runner again for Reliance Power for bonds worth $37 million. (Thomson One)
July 2015: Axis Bank was the book runner again for Reliance Power for bonds worth $24 million. (Thomson One)
IDFC
IDFC Asset Management, a subsidiary of IDFC, owns .12% of Reliance shares, making it the eighth-largest shareholder. (Thomson One)
ICICI Bank
ICICI Prudential Asset Management, a subsidiary of ICICI, owns .02% of Reliance shares, making it the 13th-largest sharehol
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Kotak Ma
India
Reliance Power
Power
Coal
Rosa Thermal Power Plant is a 1,200-megawatt coal-fired power station in Uttar Pradesh, India. Phase I was completed in December 2009 and entered commercial operation in March 2010. Rosa Phase II was commissioned in December 2011. Reliance submitted an application for a Phase III in December 2013.
http://www.sourcewatch.org/index.php/Reliance_Power
IDFC
IDFC Asset Management, a subsidiary of IDFC, owns .12% of Reliance shares, making it the eighth-largest shareholder. (Thomson One)
ICICI Bank
ICICI Prudential Asset Management, a subsidiary of ICICI, owns .02% of Reliance shares, making it the 13th-largest shareholder. (Thomson One)
January 2008: ICICI was joint book runner on a $2.9 billion offering of Reliance shares, with the proceeds to be used for construction and general corporate purposes, among others. (Thomson One)
Kotak Mahindra
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
Source:
1. https://disclosures.ifc.org/#/projectDetail/SPI/25800
2. https://disclosures.ifc.org/#/projectDeta
India
Reliance Power
Power
Coal
With a generating capacity of 3,960 megawatts, Sasan is the largest integrated coal mine and power plant in the world. The plant’s six units went online between 2013 and 2015. The facility is expected to produce 25 million tons of coal per year. Sasan was the subject of a 2014 investigation after receiving funding from the US Export-Import Bank. The report found that Sasan falls short of IFC Performance Standards on labor, indigenous people, resettlement and environmental contamination.
Land acq
Axis Bank
August 2016: Axis Bank was one of 13 banks to provide Sasan Power Ltd, the holding company established by Reliance to build and operate the Sasan plant, a $1.7 billion loan to refinance the project. (Thomson One)
July 2016: Axis Bank was the book runner again for Reliance Power for bonds worth $37 million. (Thomson One)
July 2015: Axis Bank was the book runner again for Reliance Power for bonds worth $23.58 million. (Thomson One)
IDFC
IDFC Asset Management, a subsidiary of IDFC, owns
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Kotak Ma
Philippines
San Buenaventura Power Ltd. Co.
Power
Coal
The Quezon Power Station is a 440-megawatt coal-fired plant in Quezon Province that became operational in 2000.
A consortium sponsored by San Buenaventura Power Ltd. is currently working to build a second coal-fired unit of 455 megawatts, which would bring the plant’s total capacity to 895 megawatts. Construction began in December 2015 and is expected to be completed by mid-2019. The Manila Electric Company owns 51% of San Buenaventura Power Ltd. Co.
Opposition to coal plants in the Philippine
Rizal Bank
October 2015: Rizal was part of a consortium that provided a loan worth $915 million to San Buenaventura Coal Plant to fund the expansion of the Quezon power plant. (Thomson One)
February 2014: Rizal was underwriter for three issues of JG Summit Holdings bonds worth $672 million. (Bloomberg & Prospectus) Net proceeds from the bonds were intended to partially finance JG Summit’s acquisition of Meralco and for general corporate purposes. JG Summit Holdings acquired a 27% stake in Meralc
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a $1
Philippines
San Miguel Global Power Holdings Corp
Power
Coal
Davao San Miguel Power Station is a 300-megawatt coal plant in Malita, Davao Occidental Province. The project is owned by San Miguel Global Power Holdings Corp. The plant is currently being expanded to 1,200 megawatts.
Local communities protested in 2012 against the plant’s expansion. In addition to the environmental and health risks of plant, they argued that the 30,000 drums of fresh water per day that the expansion will need for operation will deplete the local Malita River freshwater supply
Rizal Bank
April 2017: Rizal participated in issuing bonds for SMC worth $200.88M. (source) + (Thomsonone)
March 2017: Rizal managed bond issues worth a total of roughly $397.30M for SMC. (source) + (Thomsonone)
July 2016: Rizal managed three bond issues worth a total of $316 million for San Miguel Global Power Holdings Corp to be used for general corporate purposes. (Bloomberg)+ (here)
http://manilastandard.net/business/banking-report/233834/smc-gets-p10b-from-listing-of-22-bonds.htmlhttp://w
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a
Philippines
Sarangani Energy Corporation (Alsons Power Group Companies)
Power
Coal
The Sarangani Energy Corporation is building a 210-megawatt coal-fired plant in Sarangani Province.
The project will have a negative impact on marine life in the area around Maasim, one of the richest fishing areas in the country.
Opposition to coal plants in the Philippines is widespread. Coal plants cause pollution, exacerbate climate change, and harm the health of people and the environment. The mines that supply them are a leading cause of deforestation.
http://www.philstar.com/business/201
Rizal Bank
January 2013: Rizal was part of a consortium that provided a $227 million loan to Sarangani Energy Corporation for the construction of the first 105-megawatt section of the coal-fired power plant in Maasim, Sarangani. (Bloomberg).
May 2017: Rizal was part of a consortium that provided a $206 million loan to Sarangani Energy Corporation for the construction of the second 105-megawatt section of the coal-fired power plant in Maasim, Sarangani.
http://www.pna.gov.ph/articles/986804
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
Philippines
SMC PowerGen
Coal
Power
The Limay Power Station is a coal-fired plant under construction in Limay, Bataan. The plant will have a total output of 900 megawatts. Construction began in 2013, and the first unit is expected to start producing by December 2016.
The plant is owned by SMC PowerGen, a subsidiary of SMC Global Power Holdings. (Bloomberg)
http://www.sourcewatch.org/index.php/Limay_power_station
Rizal Bank
April 2017: Rizal participated in issuing bonds for SMC worth $200.88M. (source) + (Thomsonone)
March 2017: Rizal managed bond issues worth a total of roughly $397.30M for SMC. (source) + (Thomsonone)
July 2016: Rizal managed three SMC Global Power Holdings bond issues worth $316 million to be used for general corporate purposes. (Bloomberg) + (here)
http://manilastandard.net/business/banking-report/233834/smc-gets-p10b-from-listing-of-22-bonds.htmlhttp://www.philstar.com/business/2
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a
Philippines
South Luzon Thermal Energy Corp.
Coal
Power
The 270-megawatt Puting Bato coal-fired power plant in Calaca, Batangas became operational in two stages, in April 2015 and February 2016. South Luzon Thermal Energy Corp. plans to expand the plant by 600 megawatts.
AC Energy Holdings, the energy subsidiary of Ayala Corporation, holds a 35% interest in the project. PHINMA Energy Corp. holds 45%, and Marubeni Corp. holds 20%.
Opposition to coal plants in the Philippines is widespread. Coal plants cause pollution, exacerbate climate change, and ha
Rizal Bank
July 2013: Rizal was part of a syndicate that provided a $161.5 million loan to South Luzon Thermal Energy Corp. for the construction and operation of the plant.
November 2012: Rizal managed $244 million in Ayala Corporation bonds to be used for general corporate purposes. (Bloomberg)
May 2012: Rizal managed $235 million in Ayala Corporation bonds to be used for general corporate purposes. (Bloomberg + Thomsonone)
May 2011: Rizal managed $232 million in Ayala Corporation bonds to be u
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a $
India
State Government of Kerala
Vizhinjam International Seaport Limited
Port
IFC’s support for the project is subject to a complaint with the Compliance Advisor Ombudsman. IFC was hired as the transaction advisor to strategically assist Vizhinjam International Seaport Limited to structure and implement the project. In addition, it is seeking private sector partner(s) to implement the plan in collaboration with the State Government Ports Department. IFC is managing roughly $1.6 million in trust funds for the project.
The complaint states:
“The complainants raise concern
IDFC
June 2013: IDFC was joint book runner on a $176 million share issue by Adani Ports and Special Economic Zone, with proceeds to be used for general corporate purposes. (Thomson One)
ICICI Bank
June 2013: ICICI was joint book runner on a $176 million share issue by Adani Ports and Special Economic Zone, with proceeds to be used for general corporate purposes. (Thomson One)
HDFC Bank
April 2016: HDFC was sole book runner of a $75 million issue of Adani Ports and Special Economic Zone bonds t
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
https://disclosures.ifc.org/#/projectDetail/SPI/22065
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmen
Mozambique
Tata Group
Agribusiness
Grown Energy Zambeze, a subsidiary of Tata Chemicals, received a 15,000-hectare concession in Sofala, Mozambique to grow sugarcane for ethanol production. (According to some reports, the concession is 24,000 hectares.) The plantation is located in the Nacala Corridor.
The Nacala Corridor is part of ProSavana, a massive agribusiness project encompassing 14 million hectares that will affect 500,000 people. Local opposition to these deals is strong, and affected communities are not being adequate
Kotak Mahindra
December 2008: Kotak Mahindra provided a $50 million loan to Tata Chemicals to be used for general corporate purposes. (Thomson One)
Kotak Mahindra
2007: IFC provided a $45 million loan to Kotak Mahindra Bank.
https://disclosures.ifc.org/#/projectDetail/SPI/25800
India
Tata Group
Industrial
Tata Steel is an Indian steel company headquartered in Mumbai. It is a subsidiary of the Tata Group.
A 2009 report by the Ministry of Rural Development Committee on State-Agrarian Relations referred to the activities Tata Steel as “the biggest grab of tribal land after Columbus.” According to the report: “640 villages are empty. Villages sitting on tons of iron ore are effectively de-peopled and available for the highest bidder. The latest information that is being circulated is that both Essar
Yes Bank
January 2013: Yes Bank was sole book runner of a $186 million bond to be used for general corporate purposes. (Thomson One)
April 2012: Yes Bank was joint book runner of a $2888 million bond to be used for general corporate purposes. (Thomson One)
Yes Bank
December 2013: IFC provided a $60 million loan to Yes for “growing its assets, increasing its reach and improving its market share,” among other purposes.
March 2012: IFC provided a $75 million loan to Yes for “augmenting its capital base and to prepare it for Basel III implementation,” among other purposes.
https://disclosures.ifc.org/#/projectDetail/SII/34478https://disclosures.ifc.org/#/projectDetail/SPI/31493
India
Tata Group
Industrial
Port
Dhamra port is owned and operated by Dhamra Port Company Ltd, a joint venture of Tata and the Larsen and Toubro companies. The port became operational in May 2011.
Environmental groups warned that land allocated for the port included a protected forest. According to Greenpeace, the port could cause the extinction of the Olive Ridley Turtle species. In addition, the port is near Bhitarkanika National Park, India's second-largest mangrove forest and home to the saltwater crocodile.
http://www.gr
ICICI Bank
August 2012: ICICI was arranger of a $399 million loan to Dhamra Port Company, Ltd, to build cargo berths, repay loans, and complete construction of the port’s infrastructure. (Thomson One)
IDFC
September 2014: IDFC was arranger of a $485 million loan to refinance debt to expand the port. (Thomson One)
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
https://disclosures.ifc.org/#/projectDetail/SPI/22065
Indonesia
Tata Group
Bumi Resources
Coal
Kaltim Prima Coal, an Indonesian joint venture, operates the
world’s largest open-pit coal mine. The Indonesian coal-mining conglomerate Bumi Resources owns 51% of the project. Bhira Investments Limited, a subsidiary of India’s Tata Power, owns 30% of the project. Tata Power supplies its controversial Mundra power plant with coal from the mine. The project's total annual coal production is 57.7 million metric tons. The coal mine is threatening the lives and livelihood of the indigenous Dayak Bas
June 2014: Raiffeisen Bank International provided a three-year, $80 million credit facility to Bumi Resources to fund its acquisition of additional shares in the Kaltim Prima coal mine.
November 2014: Bumi Resources defaulted on that loan.
June 2017: Bumi Resources restructured in an attempt to pay off its creditors. Raiffeisen Bank International converted its Bumi debt into an equity stake in the coal company and also acquired debt securities.
Sources:
http://www.bumiresources.com/uploads/20
January 2014: IFC made a $186 million “straight equity” investment in Raiffeisen Bank International.
https://disclosures.ifc.org/#/projectDetail/SII/31979
------
March 2014: IFC bought $100 million worth of Axis Bank bonds. The bonds will raise capital for Axis to lend to infrastructure projects and affordable housing, according to an offering circular. IFC characterized the investment as high-risk because of potential exposure to mining and other sectors.
https://disclosures.ifc.org/#/project
Philippines
Therma Luzon
Power
Coal
The Pagbilao Plant is a coal-fired plant in Pagbilao, Quezon with a capacity of 700 megawatts. It is owned by Therma Luzon Inc. and has been operational since August 1996. The plant is currently undergoing a 400-megawatt expansion undertaken by Team Energy Philippines and Therma Power Inc.
Pagbilao Energy Corp. is a joint venture of TPEC Holdings Corp. and Therma Power Inc. Therma Luzon Inc. serves as the independent power producer administrator (IPPA), which administers and manages the energy o
Rizal Bank
August 2015: Rizal managed three bond issues worth $525 million for Aboitiz. (Bloomberg)
BDO Unibank
September 2014: BDO managed two bond issues worth $227 million for Aboitiz to be used for general corporate purposes. (Bloomberg)
August 2015: BDO managed three bond issues worth $525 million for Aboitiz. (Bloomberg)
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a
Philippines
Therma South
Power
Coal
Davao Therma South Power Station is a 645-megawatt coal-fired power station under development in Davao del Sur province. The first phase, which consists of two 150-megawatt units, was completed in February 2016. Two additional units of 172 megawatts each are under construction and are expected to go online in 2017-2018.
Therma Luzon is a wholly owned subsidiary of Aboitiz Power Corporation, a subsidiary of Aboitiz Equity Ventures.
Opposition to coal plants in the Philippines is widespread. Coal
Rizal Bank
August 2015: Rizal managed three bond issues worth $525 million for Aboitiz. (Prospectus)
http://www.pds.com.ph/wp-content/uploads/2015/08/AEV-Prospectus-24-July-2015.pdf
BDO Unibank
August 2015: BDO managed three bond issues worth $525 million for Aboitiz. (Bloomberg)
September 2014: BDO managed two bond issues worth $227 million for Aboitiz to be used for general corporate purposes. (Bloomberg)
October 2013: BDO was a trustee, facility agent and part of a consortium of banks that
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a $
Philippines
Therma Visayas Inc.
Power
Coal
The Therma Visayas Energy Project is a planned 300-megawatt coal-fired power plant under construction in Bato Barangay, Toledo City, Cebu Province. Construction began in 2015 and is scheduled to be complete in 2018.
Therma Visayas Inc. is a joint project of Therma Power Inc, a subsidiary of Aboitiz Power Corp., which holds 80% equity, and Vivant Integrated Generation Corp, with 20% equity. Aboitiz Power Corp. is a subsidiary of Aboitiz Equity Ventures Inc.
Opposition to coal plants in the Phil
Rizal Bank
August 2015: Rizal managed three bond issues worth $525 million for Aboitiz. (Prospectus)
http://www.pds.com.ph/wp-content/uploads/2015/08/AEV-Prospectus-24-July-2015.pdf
BDO Unibank
August 2015: BDO managed three bond issues worth $525 million for Aboitiz. (Bloomberg)
June 2015: BDO was a trustee, project loan facility agent, and part of a consortium of banks that provided two loans of $713 million to Therma Visayas Inc. to establish the Therma Visavas coal plant. (Bloomberg)
Septem
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SII/37489https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SPI/30235
BDO Unibank
2010: IFC, through the IFC Capitalization Fund, made a $1
Egypt
Titan Group
Industrial
Pollution from the plant has caused negative impacts on the health and livelihoods of plant workers and people living nearby. In particular, there have been increased rates of severe, chronic respiratory ailments. In addition, a campaign of violence and intimidation was directed against the workforce.
1.http://www.bankinformationcenter.org/affected-groups-file-complaint-against-ifc-financed-cement-plant-in-egypt/
Ahli United Bank
June 2012: Ahli United Bank disbursed a five-year $4.65 million loan to Alexandria Portland Cement. (Source: Bloomberg)
Ahli United Bank
2011: IFC, through the Capitalization Fund, bought $125 million in equity and provided $165 million in subordinated debt to Ahli United.
2006: IFC bought $40 million in equity of and provided a $200 million loan to Ahli United.
1. https://disclosures.ifc.org/#/projectDetail/SPI/28309
2. https://disclosures.ifc.org/#/projectDetail/SPI/25292
Indonesia
Toba Bara Sejahtra Tbk
Coal
PT Toba Bara Sejahtra Tbk is a major Indonesian coal producer. The
company has three mines in Sangasanga, Kutai Kartanegara,
East Kalimantan. The company also operates several coal-fired power plants.
Annual coal production: 5.5 million metric tons
Sources:
http://www.tobabara.com/en/company-overview/about-toba-bara/welcome-to-toba-bara-website/https://coalexit.org/database-full
November 2018: PT Bank KEB Hana Indonesia participated in a syndicated loan of $120 million to PT Toba Bara Sejahtra Tbk. The
loan is set to mature in June 2022.
https://www.idnfinancials.com/n/20855/Toba-Bara-obtains-a-loan-facility-of-US-120-million
December 2007: IFC made a $5 million equity investment which, combined with an investment from South Korea’s Hana Bank, was used to acquire the Indonesian bank PT Bank Bitang Manunggal. The IFC remains a shareholder in the resulting PT Bank KEB Hana Indonesia.
July 2010: IFC provided a $15 million short term finance facility to PT Bank KEB Hana Indonesia. The investment was intended to “support its long-term partner, particularly in:
- Strengthening Hana Indonesia’s position in trade finance;
Philippines
Toledo Power Co.
Power
Coal
Toledo Power Co. operates Sangi Power Station, a 63-megawatt coal-fueled power station in Toledo City, Cebu. The plant became operational in late 2014.
Global Business Power owns 100% of Toledo Power Co.
Power from the Toledo plant supplies Carmen Copper’s mining operations, which have caused pollution and labor conflicts.
Opposition to coal plants in the Philippines is widespread and affects national politics. Coal plants cause pollution, exacerbate climate change, and harm the health of people
Rizal Bank
March 2013: Rizal Commercial Bank contributed $21 million of a $139 million loan to be used for the construction of the Toledo Coal plant. (Thomson One and Bloomberg)
http://business.inquirer.net/111257/toledo-power-obtains-p7-b-loan-for-new-power-plant
Rizal Bank
2015: IFC made a $75 million investment in Rizal Commercial Bank bonds.
2013: IFC, through the IFC Capitalization Fund, made a $100 million equity investment in Rizal Commercial bank.
2011: IFC made a $49 million equity investment in Rizal Commercial Bank.
https://disclosures.ifc.org/#/projectDetail/SPI/30235https://disclosures.ifc.org/#/projectDetail/SII/32853https://disclosures.ifc.org/#/projectDetail/SII/37489
Uganda
Tullow Oil
Oil
Tullow Oil is exploring for oil in the Lake Albert Rift Basin of Uganda, which has resulted in land conflicts with local people and pastoralists. Tullow’s exploration activities have reportedly involved land grabbing, population displacement, and the dumping of toxic waste in local villages and game parks.
https://ejatlas.org/conflict/land-acquisition-conflict-and-waste-dumping-in-buliisa-district
Nedbank
February 2017: Nedbank joined a syndicate that provided a $1 billion loan to Tullow to extend and refinance an existing revolving credit facility. (Thomson One)
April 2016: Nedbank joined a syndicate that provided a $1 billion revolving credit facility to Tullow to be used for general corporate purposes. (Thomson One)
March 2015: Nedbank joined a syndicate that provided a $300 million loan to Tullow to increase the size of an existing revolving credit facility from $750 million to
Nedbank
2007: IFC provided a $140 million loan to Nedbank for “cross-border corporate lending across Africa,” including “resource-extraction projects.”
https://disclosures.ifc.org/#/projectDetail/SPI/26014https://ifcext.ifc.org/ifcext/pressroom/ifcpressroom.nsf/1f70cd9a07d692d685256ee1001cdd37/ab073109ea552bde8525730c006c3afa?OpenDocument
India
Vedanta Resources
Industrial
The Lanjigarh alumina refinery is operated by Vedanta Aluminum, a majority-owned subsidiary of Vedanta Resources. The plant became operational in 2007, and there are plans to expand its production capacity by 500%. The complex includes a coal power plant, railway line and port.
The refinery has been found by the Orissa State Pollution Control Board to be the source of significant damage to scarce water resources, with unsafe pH and SPM levels found to be directly connected to the construction an
ICICI Bank
June 2014: ICICI was arranger of a $180 loan to Vedanta Resources for general corporate purposes. (Thomson One)
July 2011: Vedanta availed a term loan facility of $500 million from ICICI Bank ($500 million outstanding).
January 2011: Vedanta availed a term loan facility $150 million from ICICI Bank ($150 million outstanding).
December 2010: Vedanta availed a term loan facility of $180 million from ICICI Bank
($90m outstanding).
June 2008: ICICI was arranger of a $234 million loan to V
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
Source:
1. https://disclosures.ifc.org/#/projectDetail/SII/34782
2. https://disclosures.ifc.or
Zambia
Vedanta Resources
Mining
Konkola Copper Mines, a subsidiary of Vedanta Resources, is the one of the largest copper mining companies in Africa. The company operates four mines in Zambia’s copper belt. The mines have caused deforestation and other serious environmental damage, including water and air pollution and the destruction of once-productive farmland. Approximately 1,800 members of the Shimulala, Kakosa, Hippo Pool and Hellen communities have been harmed by Konkola’s mining operations. Health problems include illne
IDFC
In October 2014, IDFC was joint book runner of a $195 million general corporate bond issue for Vedanta Limited, the majority owner of Konkola Copper Mines.
ICICI
In September 2014, ICICI provided $59.4 million of a $500 million syndicated loan for refinancing to Vedanta Limited, the majority owner of Konkola Copper Mines.
In June 2014, ICICI provided $100 million of a $180 million syndicated loan for general purposes to Vedanta Resources, the ultimate parent company of Konkola Copper Mine
IDFC
2005: IFC loaned IDFC $50 million to help it “meets its growing needs for disbursements in infrastructure projects as well as to diversify its borrowing sources.”
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/22065https://disclosures.ifc.org/#/projectDetail/SPI/25492
India
Vedanta Resources
Mining
In 2008, the Indian government granted clearance for the development of a bauxite mine in the Niyamgiri hills to a joint venture involving Sterlite Industries, a subsidiary of Vedanta Resources, and two other companies. The Niyamgiri hills are revered by the indigenous Dongria Kondh as the home of their deities.
A 2010 report by Amnesty International revealed that both the state and the companies involved had breached national regulations by ignoring community concerns throughout the land acqu
ICICI Bank
June 2014: ICICI was arranger of a $180 loan to Vedanta Resources for general corporate purposes. (Thomson One)
July 2011: Vedanta availed a term loan facility of $500 million from ICICI Bank ($500 million outstanding).
January 2011: Vedanta availed a term loan facility $150 million from ICICI Bank ($150 million outstanding).
December 2010: Vedanta availed a term loan facility of $180 million from ICICI Bank
($90m outstanding).
June 2006: ICICI was arranger of a $92.6 million loan to
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
Yes Bank
December 2013: IFC provided a $60 million loan to Yes for “growing its assets, increasing its reach and improving its market share,” among other purposes.
March 2012: I
India
Vedanta Resources
Power
Coal
Jharsuguda CPP power station is a coal plant that became operational ijn 2008. In 2011, a 270-megawatt expansion of the power station was commissioned.
Source: http://www.sourcewatch.org/index.php/Jharsuguda_CPP_power_station
ICICI Bank
June 2014: ICICI was arranger of a $180 loan to Vedanta Resources for general corporate purposes. (Thomson One)
July 2011: Vedanta availed a term loan facility of $500 million from ICICI Bank ($500 million outstanding).
January 2011: Vedanta availed a term loan facility $150 million from ICICI Bank ($150 million outstanding).
December 2010: Vedanta availed a term loan facility of $180 million from ICICI Bank
($90m outstanding).
Sources:
1. http://www.vedantaresources.com/media/17738
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
Axis Bank
2014: IFC made a $150 million investment in Axis Bank. This consisted of a $100 million investment in a “fixed-rate, infrastructure bond” and a $50 million equity purchase.
https://disclosures.ifc.org/#/projectDetail/SPI/25492https://disclosures.ifc.org/#/projectDetail/SII/34782
India
Vedanta Resources
Power
Coal
Talwandi Sabo is a 1,980-megawatt coal plant in Punjab, India. It is fully operational and was commissioned in three stages between 2014 and 2016. Talwandi Sabo Power Ltd., the operator of the plant, is a subsidiary of Vedanta Resources.
http://www.tsplindia.co/http://www.sourcewatch.org/index.php/Talwandi_Sabo_Power_Project
Yes Bank
November 2014: Yes Bank was sole book runner on a $32 million bond issue for Talwandi Sabo Power Ltd., operator of the coal plant, to be used for general corporate purposes. (Thomson One)
September 2014: Yes Bank was sole book runner on a $49 million bond issue for Talwandi Sabo Power Ltd., operator of the coal plant, to be used for general corporate purposes. (Thomson One)
ICICI Bank
January 2011: ICICI Bank was sole book runner on a $166 million bond issue for Talwandi Sabo Power Lt
Yes Bank
December 2013: IFC provided a $60 million loan to Yes for “growing its assets, increasing its reach and improving its market share,” among other purposes.
March 2012: IFC provided a $75 million loan to Yes for “augmenting its capital base and to prepare it for Basel III implementation,” among other purposes.
https://disclosures.ifc.org/#/projectDetail/SII/34478
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top perfo
Vietnam
Vietnam Rubber Group
Families displaced by the Son La dam have had their meager replacement land appropriated by the Son La Rubber Company, a subsidiary of the Vietnam Rubber Group, for rubber plantations.
Vietnam Rubber Group operates other industrial rubber plantations that have caused deforestation and displacement of local communities in Cambodia and Laos.
https://www.iss.nl/fileadmin/ASSETS/iss/Research_and_projects/Research_networks/LDPI/CMCP_29-_Dao.pdfhttps://www.globalwitness.org/en/campaigns/land-deals/r
Vietinbank
2013: Son La Rubber Company received financing from Vietinbank in 2013.
2010: Vietnam Rubber Group was the beneficiary of a multi-billion-dollar agreement with Vietinbank.
http://www.vnrubbergroup.com/media/vanban_donvi/2013-2416-CSVN-%20HTDT.pdfhttp://news.vietnamnews.vn/economy/business/202739/malaysian-developer-delivers-90-new-homes-.html
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
https://disclosures.ifc.org/#/projectDetail/SPI/28509
Vietnam
Vietnam Steel Corporation
Vinacomin
Mining
Thach Khe is Southeast Asia’s largest mining project. Iron ore from the mine will supply the controversial Formosa Ha Tinh Steel project, which has caused widespread pollution. The mine itself has caused pollution, water shortages, decreased food security and health problems such as cancer.
https://m.vietnambreakingnews.com/2008/06/us-7-9-billion-pumped-into-ha-tinh/https://www.voanews.com/a/vitenam-media-ties-massive-fish-kill-to-formosa-plastics-steel-unit/3304801.htmlhttp://english.vietnam
Vietinbank
2015: Vietinbank Fund Management, a subsidiary of Vietinbank, invested $11 million in Vietnam Steel Corporation.
2012: Vietinbank issued $22 million in Vietnam Steel Corporation bonds.
2007: Vietinbank (previously named Incombank) signed a cooperation agreement with Vinacomin, the state-run coal and mineral mining company. Under the agreement, Vietinbank acts as the primary provider of financial services for Vinacomin.
Credit Agricole
2014: Credit Agricole contributed to a $300 mill
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
Vietnam
Vinacomin
Mining
Nhan Co mine is located in the Central Highlands, home to indigenous groups. Opposition to bauxite mining is strong in Vietnam, due to pollution and environmental concerns. War hero Vo Nguyen Giap and other public figures have been outspoken in their opposition to bauxite mining. According to US diplomatic cables released by Wikilieaks, the World Bank was approached to fund Vietnamese bauxite projects but declined to get involved due to the environmental risks.
http://digitalassets.lib.berkel
Vietinbank
2012: Vietinbank loaned Vinacomin $100 million for the Nhan Co bauxite project.
2008: Vietinbank loaned Vinacomin $72.7 million for bauxite mining in Lam Dong province.
2007: Vietinbank (previously named Incombank) signed a cooperation agreement with the Vietnam Coal and Minerals Group (Vinacomin), the state-run coal and mineral mining company. Under the agreement, Vietinbank acts as the primary provider of financial services for Vinacomin.
https://www.vietmaz.com/2012/01/vieti
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Vietnam
Vinacomin
Mining
Tan Rai mine is located in the Central Highlands, home to indigenous groups. The mine is extremely problematic, causing a spill of toxic sludge in 2014, which the Prime Minister was forced to publicly respond to. Opposition to bauxite mining is strong in Vietnam, due to pollution and environmental concerns. War hero Vo Nguyen Giap and other public figures have been outspoken in their opposition to bauxite mining. According to US diplomatic cables released by Wikilieaks, the World Bank was appr
Vietinbank
2008: Vietinbank loaned Vinacomin $72.7 million for bauxite mining in Lam Dong province.
2007: Vietinbank (previously named Incombank) signed a cooperation agreement with the Vietnam Coal and Minerals Group (Vinacomin), the state-run coal and mineral mining company. Under the agreement, Vietinbank acts as the primary provider of financial services for Vinacomin.
Credit Agricole
2014: Credit Agricole contributed to a $300 million loan to Vinacomin for capital expenditures. (Thoms
Vietinbank
2011: IFC and the IFC Capitalization Fund invested $307 million in Vietinbank through the IFC Capitalization Fund, amounting to 13.4% equity stake.
Credit Agricole
2014: IFC provided a $90 million guarantee to Credit Agricole Corporate on a $2 billion existing portfolio of assets, in order to enable the bank to assume more risk in emerging markets.
https://disclosures.ifc.org/#/projectDetail/SPI/28509https://disclosures.ifc.org/#/projectDetail/SII/31847
Ghana
Volta River Authority
Hydropower
In 2017, the Volta River Authority will begin building the 700-megawatt Pwalugu hydropower dam. According to the dam’s environmental impact assessment, nearly 300 households – mostly impoverished ethnic minorities – will have to be resettled, and the dam will harm the livelihoods and food security of a number of other communities. Sacred and cultural sites will be submerged by the dam’s reservoir. The dam will harm a nationally designated forest, the Gambaga Scarp Forest Reserve, which is home t
EcoBank Ghana
November 2012: EcoBank Ghana was one of three banks to provide a $150 million loan to the Volta River Authority for construction purposes. (Thomson One)
EcoBank Ghana
2010: IFC made a $137 million investment in Ecobank Transnational, Ecobank Ghana’s parent company. This transaction included loans and an equity purchase.
July 2007: IFC provided EcoBank Ghana with a $20 million loan to “to strengthen the capital base of the Bank,” among other purposes.
1. https://disclosures.ifc.org/#/projectDetail/SPI/29145
2. https://disclosures.ifc.org/#/projectDetail/SPI/24563
Ghana
Volta River Authority
Power
Coal
In 2017, the Volta River Authority will begin building the 700-megawatt Aboano coal plant, which could expand to as large as 2,000 megawatts, making it one of Africa’s largest coal plants. Ghanaian NGOs and Greenpeace have expressed concern about the environmental impacts of the project. Coal plants and the mines that supply them are a leading cause of deforestation worldwide.
1. https://www.esi-africa.com/news/ghana-vra-construct-coal-plant-april-2017/
2. http://www.coalforest.org/
EcoBank Ghana
November 2012: EcoBank Ghana was one of three banks to provide a $150 million loan to the Volta River Authority for construction purposes. (Thomson One)
EcoBank Ghana
2010: IFC made a $137 million investment in Ecobank Transnational, Ecobank Ghana’s parent company. This transaction included loans and an equity purchase.
July 2007: IFC provided EcoBank Ghana with a $20 million loan to “to strengthen the capital base of the Bank,” among other purposes.
Zambia
Zambia Sugar
Agribusiness
Zambia Sugar’s 14,000-hectare Nakambala plantation has reportedly caused displacement, pollution and declining incomes and livelihoods for local farmers that have participated in the project’s out-grower scheme.
https://www.oaklandinstitute.org/sites/oaklandinstitute.org/files/OI_country_report_zambia.pdfhttp://www.plaas.org.za/blog/world-bank-conference-questions-large-scale-land-based-investments
Zambia National Commercial Bank
July 2016: Zambia National Commercial Bank participated in a syndicate that provided a $60 million loan to Zambia Sugar to “to finance a portion of the company’s ongoing expansion plans.” (Thomson One)
April 2011: Zambia National Commercial Bank participated in a syndicate that provided a $128 million loan to Zambia Sugar to refinance its expansion program. (Thomson One).
Zambia National Commercial Bank
June 2010: IFC provided Zambia National Commercial Bank with a $25 million loan to “address the scarcity of term finance in Zambia.”
https://disclosures.ifc.org/#/projectDetail/SPI/28361
India
Zuari
Agribusiness
Zuari Agri Sciences is a wholly owned subsidiary of Zuari Agro Chemicals that is engaged in research, development, production and marketing of a wide range of seeds, including cotton.
In 2013, the Norwegian sovereign wealth fund withdrew its investment in Zuari after an investigation by its Council on Ethics because of the company’s contribution to the worst forms of child labor. The investigation found that about 3,000 to 4,000 children under the age of 14 were involved in the company’s seed
Kotak Mahindra Bank
Kotak Mahindra Asset Management Company owns 1.79% of the shares Zuari Agro Chemicals. (Thomson One)
ICICI Bank
ICICI Prudential Asset Management owns 1.21% of the shares of Zuari Agro Chemicals. (Thomson One)
HDFC Bank
2014-15: HDFC Bank is listed in Zuari’s most recent annual report as one of the company’s official bankers.
http://www.adventz.com/annualReports/Annual-Report-Zuari-Agro-Chemicals-Limited-2014-15.pdf
Kotak Mahindra
2007: the IFC provided a $45 million loan to Kotak Mahindra Bank.
https://disclosures.ifc.org/#/projectDetail/SPI/25800
ICICI
2006: the IFC provided a 15-year, $150 million loan to ICICI Bank in order to “address the funding needs of a top performing bank.”
https://disclosures.ifc.org/#/projectDetail/SPI/25492
HDFC
2006: IFC provided a $100 million loan to HDFC to “support the Bank in augmenting its capital base to meet the enhanced capital requirements as per Basel II norms,
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