Kuldipsingh Port Expansion Project, Suriname (IDBI-13062-01)

Countries
  • Suriname
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
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 3, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Kuldipsingh Port Facility N.V.
The holder of the loan, grant, or other investment.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Nov 3, 2020

Disclosed by Bank Aug 6, 2020


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Project Description
<div>Kuldipsingh Port Facility N.V, (&ldquo;KPF&rdquo;) the operator of a privately owned port (the &ldquo;Port&rdquo;) in Paramaribo, Suriname, to fund certain capital expenditures of the Port, including the expansion of the port&rsquo;s jetty by 180 meters (from 220m to 400m), land development and the reimbursement to sister companies&nbsp; for expenditures undertaken&nbsp; (the &ldquo;Project&rdquo; or the &ldquo;Operation&rdquo;).KPF operates a cargo terminal and is mainly focused on export of logs, providing logistic services to support the oil &amp; gas industry (offshore) and import of construction materials. The terminal has an open storage yard for logs and a warehouse for construction materials and products related with gold mining operations.</div>
People Affected By This Project

The operation has been classified as a Category B project, in accordance with IDB Invest's Environmental and Social Sustainability Policy because its environmental and social risks can be mitigated via measures that are available and feasible to implement in the context of the operation.

The project has a construction permit as required by the national legislation, which was granted by the Ministry of Transport, Communication and Tourism. Also, as per IDB Invest request, the Company prepared an Environmental Assessment for the Project, which can be found on this web site.

The Performance Standards ("PS") triggered by the Project are: i) PS1 Assessment and Management of Environmental and Social Risks and Impacts; ii) PS2 Labor and Working Conditions; iii) PS3 Resource Efficiency and Pollution Prevention; and iv) PS4 Community Health, Safety, and Security.

After the ESDD, an Environmental and Social Review Summary (ESRS) and an Environmental and Social Action Plan (ESAP) will be posted in this website.

Investment Description
  • IDB Invest (IDBI)

Amount request USD $15,000,000.00

Contact Information

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.iadb.org/en/access-information/information-request

ACCOUNTABILITY MECHANISM OF IDB / 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 (IDB Invest)-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 IDB Invest 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.iadb.org/es/mici/mici,1752.html (Spanish).