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.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
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."
Borrower
Ministry of Economy and Finance
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)
$ 40.99 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.
Currency conversion note:
Bank reported EUR 36.0 MLN
Converted using 2022-01-18 exchange rate.
Project Cost (USD)
$ 81.99 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.
Currency conversion note:
Bank reported EUR 72.0 MLN
Converted using 2022-01-18 exchange rate.
Bank Documents
Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 18, 2022

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.

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.

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.

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.

No contact information provided at the time of disclosure

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

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How it works