International Finance Corp. (IFC) has announced plans to invest up to $25 million equivalent in common shares of PVI Holdings, the largest non-life insurance company in Vietnam.
PVI provides its insurance and reinsurance services in such sectors as energy, including oil and gas, coal, aviation, engineering and property, hull, protection & indemnity, motor, health and personal accident, cargo, and fire insurance. PVI also has exposure to coal-related projects.
IFC will support PVI with the implementation of a corporate governance action plan that is needed to improve PVI's corporate governance practices in adherence with international standards. In addition, IFC will support PVI in strengthening its ESG risk management framework by introducing additional screening procedures for high-risk projects. Given PVI's sizeable exposure to large corporate clients operating in high-risk sectors, the E&S risk associated with the project is considered to be high.
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