UPSEZWA Guinea (IFC-606277)

Countries
  • Guinea
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
Dec 16, 2021
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 Guinea
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • 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)
$ 0.60 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 Jan 6, 2023

Disclosed by Bank Feb 10, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 objective of this Project is to address and eliminate (or at least reduce) the above market and government-regulatory failures in Guinea by facilitating inclusive economic growth and equitable social development beyond traditional mining activities through the adoption and implementation of competitive SEZ legal, regulatory, and institutional frameworks that align with Chapter 14 of the ECOWIP and the Paris Agreement. These competitive best-practice frameworks are then reasonably expected to allow for downstream private SEZ investments in the healthcare, logistics, manufacturing, agribusiness, mining, information-and-communication technology (ICT), and infrastructure sectors, among others. The policy vehicle to achieve this objective is through a new generation of SEZs that integrates social activities that will be developed and operated by private-sector enterprises (i.e., SEZ developers/operators) and regulated by ADAZZ.
Specifically, by Project completion, IFC expects to achieve the following outcomes:
• Adoption of a new national SEZ Law and national SEZ Implementing Regulations that align with Chapter 14 of the ECOWIP and the Paris Agreement;
• Creation and operation of an SEZ at a designated part of the Boke site that integrates diverse activities related to manufacturing, further-processing, mining, logistics, and ICT by combining into one SEZ under the new SEZ Law the features of a Manufacturing SEZ, a Mining SEZ, an ICT SEZ, and a Logistics SEZ;
• Creation and operation of 1 Smart Green Agribusiness SEZ at a designated portion of the Boke site that adheres or commits to international environmental reforms and standards and, thereby, incorporates many of the features of an Eco-Industrial Park;
• Creation and operation of 1 Medical SEZ (including any embryonic medical incubator) that may constitute a stand-alone SEZ or form part of any of the above SEZs; and
• 50 new SEZ enterprises operating in any of the Guinean SEZs.

 

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.

Within 3 years of post-completion, the Project is expected to achieve the following impacts:

1) Private SEZ investments (including potentially private green investments and private IFC investments) in the amount of at least USD 150 million; and
2) 6,000 direct/indirect jobs created in respect of any of the SEZs in Guinea.

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 the disclosure.

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