UPSEZWA ECOWAS (IFC-606989)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Benin
  • Burkina Faso
  • Cape Verde
  • Gambia
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Ivory Coast
  • Liberia
  • Mali
  • Niger
  • Nigeria
  • Senegal
  • Sierra Leone
  • Togo
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 16, 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
ECOWAS Commission
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)
$ 0.75 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)
$ 0.75 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 Jul 31, 2023

Disclosed by Bank Jul 20, 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.

According to the IFC, the objective of this Child Project is to support the ECOWAS Commission to develop and implement at the customs-union level a competitive ECOWAS SEZ policy, legal, regulatory, and institutional framework that aligns with the applicable international SEZ standards (including those set forth in Chapter 14 of the ECOWAS Investment Policy or ECOWIP, the AfCFTA, and the 2015 Paris Agreement on Climate Change).

Specifically, by Project completion, IFC expects to achieve the following outcomes:

• ECOWAS SEZ Policy: Ratification of a new ECOWAS Investment Policy for SEZs (as requested by the ECOWAS Commission) that will build-upon Chapter 14 of the existing ECOWIP to expand even more broadly the multi-dimensional features of integrated SEZs throughout the ECOWAS common market to respond to the rapidly emerging multi-disciplinary challenges in the region (including terrorist attacks and jihadism);
• ECOWAS SEZ Act/Regulations: Adoption of a community-wide ECOWAS SEZ Act and Implementing Regulations that will be applicable throughout the ECOWAS customs union/common market (including the analytical tools that the SEZ regulators in the ECOWAS common market can utilize to evaluate correctly SEZ feasibility studies prepared by private and public-sector stakeholders); and
• ECOWAS SEZ Rules of Origin: Integration into the ECOWAS SEZ Act of new ECOWAS SEZ rules of origin that adhere to the rules-of origin and other SEZ requirements of the AfCFTA.

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 project contacts available at the time of disclosure.

Client - ECOWAS Commission:

Address: 101, Yakubu Gowon Crescent, Asokoro District, P.M.B 401, Abuja, Nigeria
Email: info@ecowas.int
Website: https://ecowas.int/the-commission/

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

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