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Report File
Date Issued
Submitting OIG
Export-Import Bank of the United States OIG
Other Participating OIGs
Export-Import Bank of the United States OIG
Agencies Reviewed/Investigated
Export-Import Bank
Report Number
OIG-I-24-01
Report Type
Inspection / Evaluation
Agency Wide
Yes
Number of Recommendations
9
Questioned Costs
$0
Funds for Better Use
$0

Open Recommendations

This report has 9 open recommendations.
Recommendation Number Significant Recommendation Recommended Questioned Costs Recommended Funds for Better Use Additional Details
1 No $0 $0

EXIM’s Engineering and Environment Division, in coordination with the Asset Management Division/Special Assets Group, should update EXIM’s enhanced monitoring plan for the Sasan Power Limited Project to incorporate and require more robust compliance monitoring, to include onsite monitoring, of environmental, health, and safety standards, as required by the credit agreement.

2 No $0 $0

EXIM’s Engineering and Environment Division, in coordination with the Asset Management Division/Special Assets Group and the independent consultants, should identify additional information sources about activities or concerns related to the Sasan Project to help provide more robust enhanced monitoring, such as input from the local community.

3 No $0 $0

EXIM’s Asset Management Division/Special Assets Group, in coordination with the Engineering and Environment Division and the Office of General Counsel, should conduct a review of the Sasan Project to determine what additional accountability mechanisms could be included in credit agreements on future EXIM-financed projects to allow for additional accountability or enforcement authority when a borrower or project sponsor does not comply with the terms of the credit agreement.

4 No $0 $0

EXIM’s Engineering and Environment Division, in coordination with Asset Management Division/Special Assets Group, should incorporate routine maintenance and operations into its update of the enhanced monitoring plan, to include clarifying roles and responsibilities, for the Sasan Power Limited Project.

5 No $0 $0

EXIM’s Asset Management Division/Special Assets Group should require Sasan Power Limited, in coordination with Reliance Power Limited as the project sponsor, to have the original manufacturer perform detailed inspections of all transformers at the Sasan Power Limited Project.

6 No $0 $0

EXIM’s Asset Management Division/Special Assets Group should identify any potential financial risks associated with Sasan Power Limited’s ongoing efforts to comply with India’s flue-gas desulfurization requirement and develop risk mitigation actions, as appropriate.

7 No $0 $0

EXIM’s Office of Board Authorized Finance should conduct a review of the Samalkot Power Limited Project’s transaction approval to determine if EXIM properly identified and accounted for the financial risks specific to the absence of a confirmed source of gas to support the project, and if any lessons learned can be applied to future EXIM transactions.

8 No $0 $0

EXIM’s Asset Management Division/Special Assets Group should develop an action plan to assist in the identification of potential buyers for the <redacted> remaining power modules.

9 No $0 $0

EXIM’s Asset Management Division/Special Assets Group should require verification of equipment inspections at a frequency determined by industry standard, Samalkot Power Limited, Reliance Power Limited, and the independent consultants to ensure the equipment is maintained in a manner that allows the equipment to be sold.

Export-Import Bank of the United States OIG

United States