Cambodia: PSBC-02
Case Tracker
Complaint Overview
Confidential
Social and Environmental Impacts
Project Information
USD$56.6m equity investment
Synopsis
The PSBC Equity Project comprises an IFC investment in the Postal Savings Bank of China (PSBC) to promote financial services to communities, Small and Medium-sized Enterprises (SMEs), and Agriculture/Rural/Farmers (ARF) customers.
In August 2023, CAO received a complaint in relation to a range of social and environmental impacts regarding the Lower Sesan 2 Hydropower project in Cambodia.
The complaint alleges that PSBC is exposed to the Lower Sesan Dam through financial links with Huaneng Lancang River Hydropower. According to the complaint, Lower Sesan 2 is 51% owned by Hydro Lancang International Energy, which is wholly owned by Huaneng Lancang River Hydropower.
In November 2023, CAO found the complaint eligible for assessment. The assessment process is now ongoing.
In February 2024, in accordance with Paragraph 56 (2) of the CAO Policy, CAO Management granted an extension of the assessment deadline until May 23, 2024.
The case is currently under assessment.
*Note: The CAO assessment process does not entail a judgment on the merits of the complaint, rather, it seeks to understand the facts and empower those involved to make informed decisions on how to address the issues raised.
Status as of March 15, 2024.