Zambia Inclusive Climate Insurance Program (IFC-607090)

Countries
  • Zambia
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
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
May 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
*Borrower information not provided at the time of disclosure*
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Technical Cooperation
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)
$ 0.97 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 Jun 7, 2022

Disclosed by Bank May 16, 2022

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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 provided information, this project builds on lessons learnt from past IFC projects (such as #600563) and information gathered from a wide range of insurance stakeholders in Zambia to define interventions that would ramp up the outreach of inclusive insurance. IFC has access to experienced technical staff and consultants who have the capacity to successfully deliver project activities.

Activities will be organized around the following main components:

COMPONENT 1: DEVELOPMENT OF INCLUSIVE INSURANCE PRODUCTS AND CAPACITY BUILDING

Under this component, IFC will provide advisory services for the development of new climate insurance products and risk analytics, the enhancement of existing products, the strengthening of insurers' business development and underwriting capacity, and the enhancement of the regulator’s supervisory capacity.

COMPONENT 2: DEVELOPMENT/PROMOTION OF STRATEGIC PARTNERSHIPS AND DIGITAL SOLUTIONS

The overall objective of this component is to establish more diverse, efficient and sustainable insurance product distribution channels and insurance processes.

COMPONENT 3: KNOWLEDGE MANAGEMENT AND VISIBILITY

Activities under this component will focus on Knowledge Management which will cut across the other components of the program. Knowledge Management activities will include producing online and other publications on lessons learnt, thought leadership on best practice in climate insurance, research on emerging technologies, social media messages, and impact stories. It will also involve the organization of exchanges, for example South-South exchanges between IFC partners in Asia and Africa, exchanges between insurance practitioners from different African countries, and exchanges with other international organizations and donor-funded programs.

Through this component, the team will also contribute learnings to working groups set up by one of the main project donors (BMZ). These include the InsuResilience Working Group on Impact and the InsuResilience Working Group on Gender.

Finally, this component aims at contributing to donor relations, including annual donor reporting and donor visibility in public communications.

 

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.

*Contact information not provided at the time of 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