Kenya Warehouse Receipts System Project (IFC-605883)

Countries
  • Kenya
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
Nov 28, 2022
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
Government of Kenya
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
  • 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 Feb 14, 2023

Disclosed by Bank Feb 7, 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.

The IFC Kenya Warehouse Receipt System interventions will be implemented around two pillars:

1) Enabling Environment - Legal, regulatory and institutional support. This pillar will support the implementation of the Warehouse Receipts System Act 2020 and Regulations 2021. This will provide clarity on warehouse receipts, legal status of warehouse receipts, rights and obligations of warehouse operators and banks and structure of warehouse receipts regulatory body, guarantee performance and minimize fees and cost of regulation. Additionally, the clarity and certainty in rules governing WRS will create the environment to enhance greater mobilization of private capital into the value chain. The project will also provide institutional support towards operationalization of the Warehouse Receipts Council as the regulator and facilitator for Warehouse Receipt System.

2) Investment Generation - in collaboration with Government of Kenya, and private sector, IFC will undertake investment promotion activities with the aim of attracting new investments in the Warehouse Receipt System along the value chain in line with IFC 3.0 Creating Markets initiative. Additionally, IFC will support development of operational guidelines for a model of supervised private warehouse operations - these guidelines will focus on warehouse quality, warehouse operations including inspections, grading and commodities standards.

Together with Government of Kenya and private sector, IFC will identify a pipeline of bankable investments in the warehousing value chain, including support to product development and investment into warehousing infrastructure, banking products, insurance, and collateral management.

Lastly, to support scalability and ensure sustainability of the systems, IFC will support concerted outreach campaign and capacity building of players across the value chain. Stakeholder outreach and capacity building is a critical cog in the implementation of Warehouse Receipt System. The project will employ an integrated approach in partnership with private sector, media, farmer groups and financial institutions to undertake a comprehensive outreach and communications campaign, especially around critical moments in the harvesting season.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
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Project contacts not available at the time of disclosure.

 

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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