Bismark Maritime Upstream Project (IFC-608454)

Countries
  • Papua New 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
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
Nov 12, 2023
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
Bismark Maritime Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Potential Rights Impacts
  • Healthy Environment
Only for projects receiving a detailed analysis, a broad category of human and environmental rights and frequently at-risk populations.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 450.00 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)
$ 450.00 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 21, 2024

Disclosed by Bank May 20, 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, the objective of this project is to support Bismark Maritime Limited, a leading inter-island shipping company, in its efforts to reduce and offset its carbon emission and play its part in meeting its commitments to enhancing value chain for it clients as well as broader the climate change ambitions for PNG and Pacific Islands.

Papua New Guinea (PNG) heavily relies on maritime transport for inter-island passenger and cargo transportation due to its unique geographical terrain. As growth continues spurred by ongoing and future infrastructure projects, including mining, the demand for for inter-island shipping services is anticipated to increase, as will also the carbon footprint of the local shipping industry. In alignment with PNG's climate change targets and Bismark's commitment to sustainability, the company is collaborating with the International Finance Corporation (IFC) to develop a decarbonization roadmap. This strategic initiative will encompass various aspects, including both operational and non-operational areas, to effectively reduce and potentially offset Bismark's carbon footprint in the long term.

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.

IFC is screening the project to assess consistency with IFC's Performance Standards. Environmental and Social risks will be further reviewed throughout the life-cycle of the project.

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

Estimated Total Budget: $450,000.00 (Project budget includes all project-funded activities)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Bismark Maritime Ltd provides scheduled sea freight services, and specialised charter services throughout Papua New Guinea. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Bismark Maritime Limited Client -

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 contacts available 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