Project DCM #13 (IDBI-12708-01)

Countries
  • Dominican Republic
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 10, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 1,000.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 1,000.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Oct 26, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IDB Invest website, the IDB Invest is considering an investment of up to DOP 1,000 million in a private placement of a bond denominated in Dominican Pesos to be issued by a Dominican financial institution. The bond issue will be divided in two tranches with a term of five years and a single payment of capital at maturity. The funds from the issue will be used to finance projects that are aligned with the Sustainable Development Goals of the United Nations Development Program (“UNDP”) that seek to achieve gender equality and the empowerment of all women.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

No.

Task

Description

Expected Deliverable

Deadline

1

Improvement of E&S Policy and Procedures

Improve the existing E&S procedures, resulting in an E&S Policy, exclusion list and procedures for compliance with local law.

Copy of the E&S policy and procedures

Condition precedent to first disbursement

2

Capacity Strengthening & Training of the ESMS

Reinforcement training of senior management, loan officers and credit analysts on E&S requirements under local national laws, by an experienced consultant acceptable to IDB Invest or by attending the IDB Invest's Environmental and Social Risk Management training workshop for FI or IDB E&S on-line courses[1]. Finally, for those newly hired personnel, provide an E&S training during the induction program.

Evidence in the form of at least one E&S training certificate for key senior management, loan officers or credit analysts, as well as evidence of E&S training for those newly hired personnel.

Depending on quality training availability / timelines, but no later than three months after first disbursement.

6.Contact Information: For inquiries and comments to IDB Invest, contact: IDB Invest's Communications Group / E-mail:divulgacionpublica@iadb.org

For project inquiries, including environmental and social questions related to an IDB Invest investment, please contact the client or the IDB Invest using the contact information provided above.

As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism: Tel: +1 (202) 623-3952 / Fax: +1 (202) 312-4057 / Address: 1300 New York Ave. NW Washington, DC. USA. 20577 / E-mail:mecanismo@iadb.orgorMICI@iadb.org

[1]https://cursos.iadb.org/es?lang=es

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

No contact information provided at the time of disclosure.

ACCOUNTABILITY MECHANISM OF IDB INVEST

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.

How it works

How it works