Ekurhuleni Muni2 (IFC-44164)

Countries
  • South Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
Jun 5, 2020
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.
Borrower
City of Ekurhuleni Metropolitan Municipality
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
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)
$ 55.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 4, 2022

Disclosed by Bank Jun 23, 2020

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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 bank provided information, the Project is to support the City of Ekurhuleni Metropolitan Municipality’s (“CoE”) FY19/20 capital investment program, through an IFC investment of up to US$55 million (in South African Rands equivalent) in CoE's expected bond issuance.

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.

The proposed investment supports the implementation of municipal infrastructure projects in CoE and is expected to have positive effects on access to quality of urban infrastructure services such as water, electricity, sanitation, and roads for households and private productive enterprises. It is also expected to promote inclusive development by enabling the CoE to expand access to essential infrastructure to households in townships and informal settlements. At the market level, the Project is expected to help i) improve the City's financial resilience by reducing non-technical losses in the water and electricity distribution systems, with potential for market-wide effects; and, ii) increase the financial integration of municipalities with capital markets to support infrastructure projects, particularly in a time of declining market conditions.

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

CoE’s FY19/20 Capital Investment Program is ZAR6.8 billion (around US$370 million). The proposed IFC investment is an up to US$55 million (in South African Rands equivalent) bond investment, for IFC's own account.


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.

City of Ekurhuleni Metropolitan Municipality
Themba Gadebe
Spokesperson
011 999-1522/0763037594
themba.gadebe@ekurhuleni.gov.za 
Corner Cross & Roses Streets, Germiston, 1400, South Africa
Website: http://www.ekurhuleni.gov.za 

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works