Zambia STR Ph 2 (IFC-602541)

Countries
  • Zambia
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 28, 2018
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
*Borrower information not provided at the time of disclosure*
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
Not Disclosed
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 May 8, 2019

Disclosed by Bank May 2, 2019

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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.

According to bank documents, this project is a continuation of WBG Finance, Competitiveness and Innovation's (FCI) Zambia Secured Transactions Phase 1 project, which led to the establishment of the best practice legal and institutional framework for movable asset-based lending. The Phase 2 of this project will address all the main obstacles and non-leveraged opportunities for the development of a robust movable asset based lending market. The project will have six components:

  1. Increase the lenders' and key stakeholders’ understanding and knowledge of the movable asset based financing;
  2. Assess and adjust prudential regulation guidelines and oversight procedures on movables based collateral lending to further facilitate movable asset based lending;
  3. Amend the Small Claims Court Act and continue to strengthen the capacity of the Zambia Judiciary on the MPSI & Insolvency Acts, including the new changes to the Small Claims Court Act;
  4. Develop and implement the leasing regulation in collaboration with Bank of Zambia;
  5. Build capacity of the insolvency regulator/administrator (PACRA) on bankruptcy and insolvency practices and support the development of the insolvency practitioners' industry; and
  6. Strengthen the statistical analysis and reporting capability based on data from the Collateral Registry database to guide policy directives aimed at reporting on the development of a movables based finance industry in Zambia.
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.

* Contact information not provided at the time of disclosure*

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/

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How it works