TechEmerge Cooling Nigeria (IFC-605569)

Countries
  • Nigeria
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
Sep 24, 2020
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
  • 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.
Project Cost (USD)
$ 1.30 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 Apr 6, 2022

Disclosed by Bank May 26, 2021

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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 the bank's website, the TechEmerge project will support IFC's strategy by introducing the best available technologies in the sustainable cooling sector to IFC clients and prospective clients in emerging markets, particularly in Nigeria, by implementing the following four main components:

"1. Mapping demand and cooling innovation needs across the various sub-segments of cooling including the agricultural value chain;
2. Screening and evaluation of relevant new and sustainable cooling offered by innovative technology providers;
3. Curating credible innovations; creating linkages between innovators and adopters; and
4. Supporting structuring and financing field test projects (pilots) uniquely tailored to local needs."

The TechEmerge project will combine IFC's strong track record in venture capital investing in early-stage companies with its existing network and know-how of 2,000+ technology-focused investment clients around the world. In emerging markets, local corporations frequently lack collaboration with international and local innovators, resulting in the scaling up of suboptimal solutions. As a result, the Project aims to improve market integration by establishing mechanisms that allow for the flow of best-in-class cooling technology solutions from around the world to Nigeria while also reducing adoption risks.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The goal of the TechEmerge project is to accelerate the dissemination and commercial adoption of new innovative sustainable cooling solutions/technologies with high development impact potential in emerging markets by leveraging IFC’s global reach.

More specifically, the project aims to:

1. Improve the receptiveness and willingness of corporates in emerging markets, especially Nigeria, to adopt innovative and sustainable cooling technologies.
2. Increase the motivation of young technology companies from Africa and around the world to adapt and deploy their solutions in Nigeria.
3. Refine IFC’s value proposition (investment and advisory knowledge, capability and solutions) for capturing and supporting technology for development impact.

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.

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