MINISTERE DE L'ECONOMIE ET DES FINA (FMO-58922)

Countries
  • Guinea
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Bank Risk Rating
A
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."
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
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 @ FMO website

Updated in EWS Feb 15, 2021

Disclosed by Bank Nov 24, 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.

WHO IS OUR PROSPECTIVE CLIENT?

Our client is the Ministry of Economy and Finance of the Republic of Guinea.

WHAT IS THE FUNDING OBJECTIVE?

The FMO funding will be provided in the form of a buyer's credit facility to be used to finance ~50% of a design-build construction contract between a Dutch construction company and the Ministry of Public Works of Guinea. The construction contract relates to the construction of 5 bridges with access roads located in Guinea's capital Conakry (4 bridges) and neighboring prefecture Coyah (1 bridge). The FMO facility will also be used to finance the premium for the credit insurance that Atradius Dutch State Business NV (the Dutch ECA) will provide for this transaction. The remaining ~50% of the construction contract amount shall be funded by a grant from the Dutch Ministry of Foreign Affairs, through its DRIVE facility, managed by RVO.

WHY DO WE WANT TO FUND THIS PROJECT?

The rationale for funding this Project is: * The transaction supports the development of critical infrastructure in a low-income country. * The transaction aims to support the reduction of inequalities between countries and contributes to economic growth, infrastructure & innovation and partnerships. * With a significant percentage of the construction contract amount being used to source products and services from the Netherlands, the Project has a significant Dutch interest. * The Project is a showcase of how FMO, RVO and Atradius Dutch State Business can combine efforts to support a Dutch company and create impact in places where it is most needed. * High financial and ESG additionality.

ENVIRONMENTAL AND SOCIAL RATIONALE

FMO has played an active role in guiding the ESIA process and is providing Capacity Development support in the development of Resettlement Action Plans for the project. The ESIA has shown that all IFC Performance Standards are triggered, except PS7 (no indigenous populations affected by the project) . E&S category is A.

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.

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

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/independent-complaints-mechanism

How it works

How it works