49981 - Tid Lor - NTL Bond/Loan

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Summary of Investment Information

Project Number

49981

Company Name

NGERN TID LOR PUBLIC COMPANY LIMITED

Date SPI Disclosed

Sep 1, 2026

Country

Thailand

Region

East Asia and the Pacific

Projected Board Date

Jun 25, 2026

Environmental Category

FI-3 - No Impact

Status

Active

Last Updated Date

Sep 4, 2026

Department

CF4E2 - Regional Industry - FIG Asia & Pac/FIG North East Asia

Industry

Financial Markets

Sector

Microfinance and Small Business - Non Commercial Banking

Project Description

The project entails a senior debt financing package of up to US$200 million, comprising debt securities and/or loans to Tidlor Holdings Public Company Limited (“Tidlor”) and/or Ngern Tid Lor Public Company Limited (“NTL”) (collectively, the “Company”), a leading publicly listed non-bank financial institution (NBFI) in Thailand (the “Project”). The investment is expected to support the Company expand its financial services to microentrepreneurs, including women microentrepreneurs, to help ease social issues such as income inequality, underemployment, and lack of access to formal affordable financing by the base-of-the-pyramid population in Thailand. At least 75% of the proceeds of the Project will be earmarked to women microentrepreneurs in Thailand.

Sponsor / Cost / Location

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Senior Loan	Loans to MSME (mix of Micro and SME)
Straight Senior Loan	Loans to MSME (mix of Micro and SME)
Straight Senior Loan	Loans to MSME (mix of Micro and SME)

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Increased access to finance for MSMEs: By supporting NTL’s micro entrepreneurs lending growth, the Project is expected to enable small businesses to invest in productive assets, stabilize cash flows, and scale operations, thereby sustaining and creating jobs across local value chains. Improved quality of finance for micro entrepreneurs and self-employed individuals: By supporting NTL’s differentiated lending model and expansion of insurance offerings, including a life insurance product, the Project is expected to improve the quality and resilience of financial services available to microenterprises, with IFC’s investment enabling the rollout of these products through strengthened funding capacity. Competitiveness: The Project is expected to promote greater diversity of financial service providers by reinforcing the role of NBFIs as complementary players to banks in Thailand’s financial system.

Financing structure: Through multiple financing instruments, IFC offers maturities, and funding stability and diversification, that exceed typical market offerings to non bank financial institutions. The medium-term tenor of the proposed investment will contribute to enhancing the Company’s asset-liability profile and will allow them to extend medium-term loans to its micro entrepreneurs, including women borrowers while reducing its liquidity gap. Resource Mobilization: IFC’s participation as an anchor investor in Tidlor’s debut public note issuance in the international market will send a strong signal to the market and boost potential investors’ confidence, thus potentially mobilizing other private investors for the Company’s first-ever international bond issuance and subsequent issuances Knowledge, Innovation, and Capacity Building: Through the proposed investment, IFC will share best practices for responsible lending and client protection with the Company.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Value of Outstanding Loans, Microenterprises	$		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project entails an investment in Tidlor and NTL, a non-banking financial institution in Thailand providing vehicle-based financing and insurance brokerage. The Use of Proceeds of the project will support the overall operation of NTL, with at least 75% earmarked to women microentrepreneurs financing. Overall E&S risk and impacts of the project are considered low or limited, and the project has been categorized as FI-3 in accordance with IFC’s Sustainability Policy.
The Project will not support coal-related activities, or higher E&S risk activities that may include a) involuntary resettlement, b) risk of adverse impacts on Indigenous Peoples, c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage, d) risk of significant retrenchment, or e) significant Occupational Health and Safety risks. For this project, the applicable E&S performance requirements will include the IFC Exclusion List, relevant national E&S laws and regulations, and exclusion of the aforementioned activities.

Under the previous IFC investment, NTL has developed a basic ESMS that includes policy, procedures and tools for screening against IFC Exclusion List and other requirements mentioned above. NTL has appointed an E&S officer overseeing the implementation of the ESMS. For this project, NTL is expected to continue the implementation of the ESMS and maintain compliance with IFC E&S requirements.

Contacts

For Inquiries About the Project, Contact

Tidlor Holdings Public Company Limited

Ms. Cholthicha Thongthai

Chief Financial Officer

Email: Cholthicha.T@tidlor.com

Address: 428 Ari Hills 15th Floor, Phahonyothin Road, Samsennai, Phayathai, Bangkok 10400

Website: https://www.tidlorinvestor.com/

Tel: (+66) 0-2792-1888

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