Guinea IC Mining (IFC-601367)

Countries
  • Guinea
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
May 21, 2016
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
Government of Guinea
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Mining
The service or industry focus of the investment. A project can have several sectors.
Project Cost (USD)
$ 1.92 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 Feb 26, 2019

Disclosed by Bank Jun 13, 2017

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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 project has 3 main intervention areas:

1) The establishment of a mining licensing one stop shop and of an informational portal to support its activities.
This activity includes:
1.1. the development and update of an information portal for mining licenses. The portal will provide information about the licenses and inspection requirements, based on the recently completed inventory and subsequent validation with private and public sectors. The portal will be housed in the Mining Licensing OSS called Secretariat Permanent).
and 1.2. the establishment of OSS with Appointed Case Workers who handle the applications on behalf of the large mining investors to be the direct interface between investors and the relevant licensing authorities to obtain all the necessary licenses and permits.

2) Licensing Reforms
While the Appointed Case Worker Scheme provides a short-term solution, the Government is committed to implement more fundamental reform to improve the investment climate. For this, a full licensing reform is necessary to streamline processes and institutional/regulatory framework.

3) Local content development support
The project will support the drafting and dissemination of local content policy for the mining sector. This phase will assist the Ministry of Mines and other key stakeholders, such as APIP, the Ministry of Industry, the Ministry of Labor and Professional Training, the LCWG, and mining operators with elaborating a strategic plan and implementing the policy.

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.

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