Tunisia Integrated ESG Project (IFC-605553)

Regions
  • Middle East and North Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Tunisia
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
Feb 16, 2023
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
Tunis Stock Exchange, Central Bank of Tunisia, and others
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Finance
  • 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)
$ 0.84 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)
$ 0.84 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 Oct 25, 2023

Disclosed by Bank Sep 19, 2023

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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.

As stated by the IFC, the overall goal of the IESG Tunisia Program is to build the business case for better ESG practices, enhance ESG risk management standards in the banking sector, and improve ESG performance of select financial institutions, agribusiness and manufacturing corporates for demonstration effect. This overall goal will be achieved through three objectives:
(1) Support the integration of ESG standards into national frameworks applicable to the banking sector and capital markets (regulatory level): the program aims to provide support to two key regulators: (a) Central Bank of Tunisia in developing Tunisia’s Sustainable Finance Roadmap; (b) Tunis Stock Exchange (BVMT), in developing an ESG reporting Scorecard, a regulatory mechanism to assess and monitor ESG reports that are submitted by listed companies and encourage implementation of the ESG reporting guidelines issued by BVMT.
(2) Building ESG market demand and local capacity (market level): the program aims to build the capacity of at least one local market intermediary to help enhance and diversify ESG training offerings, ultimately, making ESG resources and expertise for board directors/senior management available in the market. In parallel, the project will also support other market intermediaries through trainings directly building capacity of their members and member companies (no institutional capacity building for the intermediaries themselves) on how to strengthen and implement ESG practices, with a focus on the banking, agribusiness and manufacturing sectors.
(3) Enhancing the ESG performance of upstream, pipeline and portfolio clients (firm level): the program aims to provide targeted support to IFC’s pipeline and portfolio clients in FIG and MAS, and, whenever possible, to upstream clients, focusing on building their capacities and improving ESG practices.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Bourse des Valeurs Mobilières de Tunis (Tunis Stock Exchange, BVMT) Client Finance
- - - - Central Bank of Tunisia Client Finance

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.

Clients -

Central Bank of Tunisia:

Address:25, Rue Hédi Nouira - BP 777 - 1080 Tunis
Phone: +216 71 122 000
Fax: +216 71 340 615
Email: boc@bct.gov.tn

Bourse des Valeurs Mobilières de Tunis (Tunis Stock Exchange, BVMT):

Address: 34 Avenue de la Bourse - 1053, les Berges du Lac II.
Email: info@bvmt.com.tn
Fax: +216 71 197 903
Phone: +216 71 197 910

 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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