WHO IS OUR CLIENT
This capacity development project concerns support to three of FMOa€™s clients in Paraguay: Banco Continental, Banco Regional and Sudameris Bank. These banks have contractually agreed to each develop an Environmental and Social (E&S) Guide for a key economic sector in Paraguay: Cattle (Sudameris), Agriculture (Regional), Agri and Cattle Supply Chain sectors ("Agroindustrial"; Continental). These three banks are among the top six banks in Paraguay. Through market share and as founding members of the Mesa de Finanzas Sostenibles (sector initiative), they have sufficient leverage to lead and influence the whole financial sector through their Guides.
The funding will be used to hire a consultant who will ensure a structured coordination process during the development of the three Guides, such that they are conceptually aligned, and fears about loss of competitiveness can be addressed.
WHY WE FUND THIS PROJECT
The project is closely aligned with FMO's strategy to create social, environmental, and economic impact. By requiring compliance with basic environmental legislation, the banks in Paraguay are becoming an important actor for the promotion of environmental protection and labour standards. The sector-wide adoption of these standards in a highly competitive environment is a complex and sensitive process. By supporting it FMO is making a central contribution to the project's chances of lasting impacts in the form of higher E&S standards being put into practice widely among Paraguayan producers.
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ACCOUNTABILITY MECHANISM OF FMO
Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/