Cote d Ivoire Climate Inclusive Insurance (IFC-608143)

Countries
  • Ivory Coast
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 24, 2024
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 not available at the time of the snapshot
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
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)
$ 0.70 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)
$ 0.70 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 Sep 11, 2024

Disclosed by Bank Jul 15, 2024

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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’s website, this project builds on lessons learned from past IFC projects, and information gathered from a wide range of insurance stakeholders in Cote d'Ivoire to define interventions that would ramp up the outreach of inclusive insurance.

Potential IFC investment and upstream opportunities could be enabled, in line with the Africa Agricultural Accelerator Program (AAAP). The project will provide de-risking solutions that could increase the appetite of financial institutions targeted by the AAAP to lend to smallholder farmers or Agri SMEs. The project could also support insurance companies to be ready for investment, helping them expand their inclusive insurance reach in the market.

IFC has access to experienced technical staff and consultants who can 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 to support the development of new inclusive insurance products, the enhancement of existing products, and the strengthening of the capacity of insurers and other stakeholders to develop new business and underwrite or supervise the products.

Component 2: Development/Promotion of Strategic Partnerships and Digital Solutions
This component's overall objective is to establish more diverse, efficient, and sustainable insurance product distribution channels and insurance processes.

Component 3: Knowledge Management and Visibility
This component will focus on Knowledge Management cutting across the first two components of the project. This component aims at contributing to donor relations, including annual donor reporting and donor/IFC visibility in external communications.
Knowledge Management activities will include producing online and other publications on lessons learned, thought leadership on best practices in climate insurance, research on emerging technologies, social media messages, and impact stories. Mixed tools and methods will be deployed to engage implementing partners and other industry participants through workshops, webinars, and publications.

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

Estimated Total Budget: $700,000.00 (Project budget includes all project-funded activities)


Contact Information
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ACCESS TO INFORMATION

No contacts available at the time of disclosure.

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