STEP Egypt (IFC-600329)

Countries
  • Egypt
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
U
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
Jul 14, 2015
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.
Sectors
  • Energy
  • Industry and Trade
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Project Cost (USD)
$ 2.30 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
Converted using 2015-07-14 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 24, 2017

Disclosed by Bank Nov 17, 2015


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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.
This project aims to improve the Egyptian energy-sector business and regulatory environment. It provides technical cooperation to the Egyptian Ministry of Trade regarding regulation in the energy sector, and also advises companies and promotes energy-efficient technology manufacturing equipment.
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 objective of this project is to strengthen the Ministry of Trade, Industry, & SMEs implementation capacity to encourage energy efficient practices in industries by establishing an energy efficiency standards & labelling program for industrial electric motors to catalyze uptake in the sector. The project will also support increasing access to clean technologies through policies to encourage the development of local manufacturing and services for clean technologies. This project will aim to achieve the following outcomes: - Development of minimum energy performance standards for energy efficient (EE) motors, - Development of labelling system for EE motors, - Development of a monitoring verification & enforcement mechanism, - Improve policies and regulatory framework to encourage investment in clean technologies, - Policies enacted that support clean technology adoption. The project will result in the following impacts: - GHG emissions avoided - Reduction in energy use by industries - Private sector savings - Increased investment in clean technology manufacturing and services
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* 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/

How it works

How it works