Global Index Insurance Facility (IFC-601507)

Countries
  • Dominican Republic
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
Hold
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
Feb 19, 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.
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, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 9, 2017

Disclosed by Bank Jan 30, 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.
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
Here you can find a list of individual development financial institutions that finance the project.
The estimated total budget for this project is US$951,447.

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