Board of Directors Notational Vote 

Tuesday, November 7, 2023 

Information summaries for the below listed projects can be found below.

Meeting Agenda 

I. PROJECT APPROVALS

a. Banco Popular Dominicano S.A. – Dominican Republic

b. TIB Diversified Payment Rights Finance Company – Republic of Türkiye

c. Gavi Alliance - Worldwide
Public Information Summary

Host Country Dominican Republic

Name of Borrower Banco Popular Dominicano, S.A.

Project Description Expansion of small and medium enterprise (“SME”) loan portfolio with 

a focus on women-owned/led SMEs (“2X SMEs”).

Proposed DFC Loan $200,000,000

All-Source Funding Total $250,000,000

Policy Review

Developmental Objectives The Project is expected to have a positive development impact in the 

Dominican Republic by helping to address the country’s small and 

medium enterprise (“SME”) financing gap, which is estimated to be 

approximately $12.4 billion, or 18% of GDP. More specifically, the 

Project will seek to facilitate women’s entrepreneurship by allocating 

50% of the DFC support for on-lending to 2X eligible SMEs. 

Environment and Social 

Assessment

The Project has been reviewed against the DFC’s 2020 Environmental 

and Social Policies and Procedures manual (“ESPP”) and has been 

determined to be categorically eligible. DFC direct loans to Financial 

Institutions for lending to SMEs and women owned SMEs are screened 

as a Financial Intermediary C (FI-C) for environmental and social 

assessment. These downstream investments are expected to result in 

minimal adverse environmental and social impacts. Therefore, all those 

investments have been pre-screened as low risk and further review and 

consent is not required for these investments.

To ensure that the Borrower’s investments are consistent with the DFC’s 

statutory and policy requirements, the DFC loan will be subject to 

conditions regarding the use of proceeds. The primary environmental and 

social issues identified in this transaction relate to the need for an 

Environmental and Social Policy (“ESP”) that meets the 2012 IFC 

Performance Standards. 

Under the DFC’s ESPP, the Borrower is required to comply with 

applicable local and national laws and regulations related to 

environmental and social performance and applicable provisions of the 

2012 International Finance Corporation’s Performance Standard (“PS”) 

1 and 2. A desk-review based due diligence assessment indicates that 

because the Project will use DFC support for SMEs in the Dominican 

Republic, significant adverse impacts concerning community health and 
safety, biodiversity, land acquisition and resettlement, indigenous people, 

and cultural heritage are not anticipated; therefore, PS 3, 5, 6, 7, and 8 are 

not triggered at this time. The Borrower does utilize security and 

therefore, relevant aspects of IFC PS 4, Community Health, Safety, and 

Security are triggered at this time.

The Borrower has several basic policies and procedures with some 

components of an Environmental and Social Policy that is generally 

aligned with IFC PS 1 but will require updating and strengthening of 

these procedures and policies to meet the expectations listed in the DFC’s 

2020 Environmental Policy and Procedures and IFC PS 1. The Borrower 

will also be obligated to provide human resources policies aligned with 

IFC PS 2 for DFCs review and approval as a condition of receipt of 

support.
Public Information Summary

Host Country Republic of Türkiye

Name of Borrower TIB Diversified Payment Rights Finance Company, a limited liability 

company exempted under the laws of the Cayman Islands (the “Issuer”)

Project Description A diversified payments rights financing by the Issuer used by Türkiye İş 

Bankası A.Ş. (“İşbank”) to raise U.S. dollar-denominated funding with 

up to 85% to be deployed in Türkiye’s earthquake-hit cities and least 

developed regions for the expansion of İşbank’s micro, small and 

medium enterprise (“MSME”), women MSME, and women retail 

portfolios in these areas. At least 15% of total funding will be used to 

originate climate related MSME loans throughout Türkiye.

Proposed DFC 

Loan/Guaranty

$350,000,000 (9 years)

All-Source Funding Total $437,500,000

Policy Review

Developmental Objectives The Project is expected to have a positive development impact in 

Türkiye by providing financing to individuals and MSMEs, specifically 

individual women borrowers and 2X eligible enterprises that operate 

predominately in the country’s earthquake-hit cities and least developed 

regions. Additionally, in the wake of 2023 earthquakes, the country’s 

vulnerabilities to natural disasters have come to the forefront of both the 

country’s public and private sectors. Consequentially, this has resulted 

in increased demand for solutions to adapt to and mitigate enterprise 

risks associated with natural disasters and climate change. Recognizing 

this need in the market, İşbank will seek to expand its climate-linked 

lending portfolio as a part of the Project in order to support MSMEs in 

their climate mitigation and adaptation strategies.

Environment and Social 

Assessment

The Project has been reviewed against the DFC’s 2020 Environmental 

and Social Policies and Procedures manual (“ESPP”) and has been 

determined to be categorically eligible. DFC loans to financial 

institutions for the expansion of on-lending to MSMEs are screened as a 

Financial Intermediary C (FI-C) for environmental and social 

assessment. These downstream on-lending activities are expected to 

result in minimal adverse environmental and social impacts. Therefore, 

all those downstream investments have been pre-screened as low risk 

and further review and consent is not required for these investments.
To ensure that İşbank’s investments are consistent with the DFC’s 

statutory and policy requirements, the DFC loan will be subject to 

conditions regarding the use of proceeds. The primary environmental 

and social issues identified in this transaction relate to the need for an 

Environmental and Social Policy (“ESP”) that meets the 2012 IFC 

Performance Standards.

Under the DFC’s ESPP, the Borrower is required to comply with 

applicable local and national laws and regulations related to 

environmental and social performance and applicable provisions of the 

2012 International Finance Corporation’s Performance Standard (“PS”) 

1 and 2. A desk based due diligence assessment indicates that because 

the Project will use DFC support for expanding on-lending through a 

financial institution for the purposes of supporting majority female 

enterprises and MSME’s within priority development areas in Turkey, 

significant adverse impacts concerning community health and safety, 

biodiversity, land acquisition and resettlement, indigenous peoples, and 

cultural heritage are not anticipated; therefore, PS 3, 5, 6, 7, and 8 are 

not triggered at this time. İşbank does utilize private, armed security 

and, therefore, relevant aspects of IFC PS 4, Community Health, Safety, 

and Security are triggered.

İşbank has an environmental and social policy as described in IFC PS 1, 

grievance mechanisms, and human resources policies generally 

commensurate with its investment strategy. However, İşbank will be 

required to provide evidence of a security management policy aligned to 

IFC PS4 in accordance with DFC’s 2020 Environmental Policy and 

Procedures.
Public Information Summary

Host Countries Global with ultimate beneficiaries being up to 83 DFC-eligible 

countries that are recipients of vaccines from the Gavi Alliance’s core 

vaccine portfolio or are participants in the COVID-19 Vaccines Global 

Access (“COVAX”) Advanced Market Commitment (“AMC”), of 

which 23 are Low Income Countries; 46 are Lower-Middle Income 

Countries; and 14 are Upper Middle Income Countries.

Name of Borrower Gavi Alliance, a non-profit foundation registered in Switzerland (the 

“Borrower”).

Project Description To finance vaccine procurement and ancillary costs for vaccine 

allocation to DFC-eligible countries that are participants in the 

Borrower’s core vaccination programs or the COVAX AMC (the 

“Project”).

Proposed DFC Loan Up to $1,000,000,000

All-Source Funding Total $1,500,000,000

Policy Review

Developmental Objectives The Project is expected to have a positive development impact on lowincome and lower-middle income countries by increasing access to 

critical vaccines. Uncertain demand for vaccines, high upfront costs of 

vaccine development, and disorganized or underfunded national health 

systems contribute to higher costs of routine vaccines in low-income 

and lower-middle income countries. According to the Center for 

Disease Control (CDC), one in five children globally do not have access 

to essential immunizations, a trend exacerbated by COVID-19 

pandemic lockdowns, misinformation campaigns, and other economic 

challenges. Gavi pools vaccine demand from member countries to 

negotiate competitive prices and partners with UNICEF to distribute the 

vaccines to vulnerable communities. Gavi prioritizes zero-dose children 

across routine immunizations and catch-up campaigns, and DFC 

support is expected to facilitate the purchase and delivery of up to 1.08 

billion routine and COVID-19 vaccines to vulnerable populations in low 

income and lower-middle income countries. 

Environment and Social 

Assessment

SCREENING: The Project involves the financing of vaccine 

acquisition, and as such, is a financial transaction that is screened as a 

Category C activity for the purposes of environmental and social 

assessment. 

The primary environmental and social issues identified in this 

transaction relate to the need for an Environmental and Social 

Management System that is commensurate with the risks posed by the 

Project and that meets the IFC Performance Standards and DFC’s 

Environmental and Social Policy and Procedures (ESPP). Climate 
change resilience assessments for Category C projects are not required 

under DFC’s policies.

APPLICABLE STANDARDS: Under DFC’s ESPP, the Project is 

required to comply with applicable local and national laws and 

regulations related to environmental and social performance and 

applicable provisions of the 2012 International Finance Corporation’s 

Performance Standard (“PS”) 1 and 2. 

A due diligence assessment indicates that because the Project involves a 

financial transaction, significant adverse impacts with respect to 

community health and safety, biodiversity, land acquisition and 

resettlement, indigenous peoples, and cultural heritage are not 

anticipated. Therefore, PS 3, 4, 5, 6, 7, and 8 are not triggered at this 

time. 

The Project has in place an environmental sustainability policy; human 

resources policies, including non-discrimination, sexual harassment, and 

child labor policies; and internal and external grievance mechanisms 

commensurate to the Project’s risks. The Project will also be required to 

comply with the applicable provisions of the IFC’s Environmental, 

Health, and Safety (EHS) General Guidelines.