Inv W AF Tourism (IFC-602699)

Regions
  • Africa
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 4, 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.
Sectors
  • Industry and Trade
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)
$ 1.90 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)
$ 1.90 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 13, 2019

Disclosed by Bank Jan 28, 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.

This project has three components. .

Component 1: Expansion of new markets for investment

1. Identify the right market(s): Map out all current and potential market segments, select/prioritize one/two that are seeing most growth, whose needs are currently unmet, and where the beneficiaries countries are competitive, and yields are high;

2. Identify the right destination(s): Based on market segments selected (e.g. regional family/youth resort market) – select best destination to grow into this identity (access, pricing, readiness, supply, features, ongoing/planned infrastructure developments);

3. Assess destination for readiness: Taking prime destination (and possibly one back-up), assess what needs to be done to develop destination and secure investments, develop practical recommendations to prepare the destination for investment;

4. Support program to enhance destination readiness for investment: Design and implement solutions based on recommendations in 3;

5. Map, prioritize, plan, prepare and profile individual investment opportunities that fit the needs of market and destination (demand/supply);

6. Secure investment(s): Support the government to take opportunities to market through targeted promotion to qualified investors, support with transactional advice if necessary.

Component 2: Deepening of existing markets for investment and inclusivity

This component will be carried out together with the Ministry of Tourism, the Ministry of Commerce, Crafts and Promotion of SMEs, and a number of lead firms in the tourism business value chain. The following are likely activities to be confirmed upon completing activity (a).

a. Establish lead firm partnerships and complete demand and supply opportunity assessment Undertake an analysis for increasing the participation of local employment and enterprises (local content) in the business tourism segment in the beneficiaries countries.

b. Supplier upgrading support
Provide high-potential category local supplier individuals or firms, particularly women-owned, with necessary support and technical assistance to overcome the barriers to competitive participation in the supply chain and wider value chain.

c. Investment promotion for firms in the supply chain
This activity will focus on identifying, packaging and promoting investment opportunities in the ‘high-potential’ categories of the supply chain. Investment may be domestic or foreign as long as they operate locally and therefore provide local jobs, incomes, and contribute to the development of local content in the supply chain.

d. Policy and regulatory reform
This activity will address and reform and national level policies and regulations that are constraining local participation in the business tourism value and supply chains.

e. Technological solutions to local content development
If confirmed through activity (a), the program will test an online marketplace where suppliers and buyers can cooperate to place or supply orders (overcoming some of the challenges of scale and transport cost) and find information, prices and reviews on potential suppliers or purchasers.

Component 3: Regional knowledge sharing (West Africa)

This component will organize and facilitate knowledge exchange, learning and capacity building on key tourism issues for stakeholders in West Africa, specifically stakeholders where the WBG is engaging in tourism. It will build on World Bank Group’s experience in tourism and strategic partnerships (e.g. Airbnb, UNWTO, TripAdvisor), lessons learnt from the implementation of the two previous components and knowledge exchanges

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 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/

How it works

How it works