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The Promotion and Participation Company for Economic Cooperation (Proparco), is a French development finance institution. It was established in 1977 and ownership is split between the majority shareholder, Agence Francaise de Developpement (AFD) (79.8%), French Financial Institutions (8.2%), International Financial Organisations (10%), French Companies (1.4%), and Investment Funds & Foundations (0.6%). Proparco’s mandate is to foster private investment in emerging and developing economies with the aim of supporting growth and sustainability. It joined the European Development Finance Institutions Association (EDFI) in 1997.
Proparco came eighth from 21 non-sovereign DFIs assessed with a score of 34.5 out of 100. Proparco publishes data in bulk download format but it is not an IATI publisher. It scored well for the Core Information component as a result of its detailed bulk download file hosted on AFD’s data portal. However, Proparco’s overall performance was negatively affected by the fact that it does not disclose its investments to the IATI Standard.
Proparco came third in the Core Information component with 13.33 out of 20. It scored for sixteen out of the seventeen indicators, only failing to score for status. It scored at least 75% for eleven of the indicators because it had a bulk download available. Proparco was one of three non-sovereign DFIs to score for sub-national location. It lost points for format of publication as a result of not publishing to the IATI Standard.
Proparco came eleventh in the Impact Management component with a score of 7.5 out of 25. It scored at least 50% for the impact measurement approach, sector/country strategies, and evaluations indicators. However, it did not score for the project-level indicators in this component.
Proparco came tenth in the ESG and Accountability to Communities component with a score of 10.67 out of 30. It scored 100% for its E&S and project-level grievance (PGM) community disclosure policies. Proparco scored points for its independent accountability mechanism (IAM) but it did not score for a community disclosure policy on this. It did not score for project-level indicators, apart from the disclosure of its IAM on project pages.
Proparco came sixth in the Financial Information component with 1.75 out of 15. It was one of four non-sovereign DFIs to score for the currency of investment indicator. The only other indicator it scored for was financial reports/statements.
Proparco came joint second-last in the Financial Intermediary (FI) Sub-investments component with a score of 1.25 out of 10. It did not score for any organisation-level indicators and only scored for the FI (bank) use of funds indicator at the project level.
- Proparco should become an IATI publisher and disclose all investments to the IATI Standard.
- Proparco should disclose further Core Information data including status, sub-sector, disbursement data, client contact, date of activity disclosure, approval date, and last update date. It should consistently disclose the total investment cost.
- It should disclose project-level Impact Management indicators, including additionality statement, activity indicators/metrics, and results.
- It should disclose its evaluations and its approach to determining impact attribution.
- Proparco should disclose project-level ESG and Accountability to Communities indicators, including summary of E&S risks and E&S documentation.
- It should develop an early disclosure policy covering, at a minimum, high risk projects and disclose investments in line with the policy.
- It should create a policy guiding the disclosure of the presence of the IAM at community level.
- It should provide assurance of community disclosure for investments when disclosure is required.
- For Financial Information indicators it should disclose for repeat investment, concessionality, mobilisation, interest rate, and loan tenor indicators. It should consistently disclose co-financing details and the share of equity.
- It should disclose qualifying FI (bank) sub-investments in line with Publish What You Fund’s DFI Transparency Tool and should consistently disclose the FI (bank) use of funds.