LAND DEGRADATION NEUTRALITY FUND (EIB-20150797)

Regions
  • Africa
  • East Asia and Pacific
  • Latin America and Caribbean
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
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
U
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.
Borrower
Mirova, United Nations Convention to Combat Desertification
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 70.69 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 60 million
Converted using 2017-10-22 exchange rate.
Project Cost (USD)
$ 353.44 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 300 million
Converted using 2017-10-22 exchange rate.
Primary Source

Original disclosure @ EIB website

Updated in EWS Oct 22, 2017

Disclosed by Bank Nov 10, 2016


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Project Description
According to EIB website, cornerstone investment in a fund targeting sustainable land use projects, promoted by the Global Mechanism of the United Nations Convention to Combat Desertification (UNCCD). The fund aims to provide long-term financing in sustainable land use projects worldwide (especially ACP, Asia and Latin America) using mainly combinations of project finance and structured commodity finance techniques. The fund will invest in sustainable land use projects, focusing in particular on sustainable agriculture and forestry, land reclamation and sustainable energy. It is mission-driven to deliver a strong contribution to the achievement of land degradation neutrality within the terms of the UN Convention to Combat Desertification. The fund's environmental and social strategy will be evaluated during appraisal, and projects will be required to meet international best practice standards, including third-party verified certification as appropriate.
Investment Description
  • European Investment Bank (EIB)
Contact Information
No contact information provided at the time of disclosure. ACCOUNTABILITY MECHANISM OF EIB The EIB Complaints Mechanism is designed to facilitate and handle complaints against the EIB by individuals, organizations or corporations affected by EIB activities. When exercising the right to lodge a complaint against the EIB, any member of the public has access to a two-tier procedure, one internal - the Complaints Mechanism Office - and one external - the European Ombudsman. A complaint can be lodged via a written communication addressed to the Secretary General of the EIB, via email to the dedicated email address complaints@eib.org, by completing the online complaint form available at the following address: http://www.eib.org/complaints/form, via fax or delivered directly to the EIB Complaints Mechanism Division, any EIB local representation office or any EIB staff. For further details, check: http://www.eib.org/attachments/strategies/complaints_mechanism_policy_en.pdf When dissatisfied with a complaint to the EIB Complaints Mechanism, citizens can then turn towards the European Ombudsman. A memorandum of Understanding has been signed between the EIB and the European Ombudsman establishes that citizens (even outside of the EU if the Ombudsman finds their complaint justified) can turn towards the Ombudsman on issues related to 'maladministration' by the EIB. Note that before going to the Ombudsman, an attempt must be made to resolve the case by contacting the EIB. In addition, the complaint must be made within two years of the date when the facts on which your complaint is based became known to you. You can write to the Ombudsman in any of the languages of the European Union. Additional details, including filing requirements and complaint forms, are available at: http://www.ombudsman.europa.eu/atyourservice/interactiveguide.faces