Retailer SME Development through a best practice Street Market experience in Col 02 (IFC-605687)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Sri Lanka
Geographic location where the impacts of the investment may be experienced.
Specific Location
Colombo 2
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Approved
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
Dec 23, 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.
Borrower
John Keells Holdings PLC (JKH)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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)
$ 0.25 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 May 31, 2022

Disclosed by Bank Jun 4, 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, the objective of this project are to establish a commercially viable and sustainable "Street Market" meeting public health and safety requirements in Colombo 2, in partnership with IFC client JKH and to create livelihood opportunities for women and men. The Street Market is expected to have a large public benefit for the whole location and other hotels and offices in the area and the expectation is that the model can be replicated ( not to be covered under this project) in other locations in Sri Lanka where JKH has a presence through its resort Hotels.

 
Initially focus will be food but there is potential to add crafts and entertainment options to the location. The initial target market will be locals, and as tourism is normalized post COVID-19 it will serve as a much-needed attraction for foreign visitors to Colombo. Specific focus will be given to women from the Colombo 2 area. Based on JKH projection by completion, the project will support 100 men and women who have lost their source of income due to COVID-19 pandemic by equipping them with the ability to monetize their existing skills in the food industry with the long term objective of creating sustainable livelihood opportunities.

 

Investment Description
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Contact Information
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No contact information provided at the time of disclosure.

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