Global Index Insurance Facility (IFC-601507)

Countries
  • Dominican Republic
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
Hold
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 19, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Sectors
  • Agriculture and Forestry
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 0.95 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 0.95 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 9, 2017

Disclosed by Bank Jan 30, 2017


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
From the IFC: The Global Index Insurance Facility DR project's primary objective is to increase access to finance/credit penetration in rural areas of the Dominican Republic with a specific focus on the agricultural sector. The project will implement a public-private programmatic strategy to develop index insurance in the Dominican Republic. Project activities will include a combination of the following: (i) development of agroclimatic data information systems and their management by the public sector; (ii) clarification of public policy on agricultural insurance, including the related subsidies ability to support the development of the index insurance market; and (iii) delivery of advisory services to develop portfolio index insurance products with public and private insurance companies for public and private banks and MFIs and potentially to other farmer aggregators to insure their agricultural portfolios against natural disasters, including in-depth trainings on index insurance development and scaling-up, and (iv) awareness raising and knowledge dissemination on applications for index insurance at a sector-wide level. The Global Index Insurance Facility DR project's primary objective is to increase access to finance/credit penetration in rural areas of the Dominican Republic with a specific focus on the agricultural sector. This is to be achieved through supporting the creation, structuring, and management of the index insurance ecosystem necessary for long-term sustainability.
Investment Description
  • International Finance Corporation (IFC)
The estimated total budget for this project is US$951,447.
Contact Information
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/