FIG Global MAGC (IFC-605073)

Regions
  • World
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."
Borrower
TDB 10 FI clients
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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)
Not Disclosed
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 Nov 25, 2020

Disclosed by Bank Oct 21, 2020

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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.

Through the UK-IFC Market Accelerator for Green Construction (MAGC) program, IFC will provide Green Building Finance core advisory services to 10 Financial Institutions (FIs) clients. In addition to these services, most of the clients will have an accompanying IFC investment to support finance of green building construction. The core advisory services will be deployed with the following objectives:

1) to enable partner FIs to identify suitable green building projects to be financed. Under the MAGC Program, projects financed by partner FIs must achieve IFC-approved green building certification and can demonstrate at least 20% improvements in operational energy efficiency versus local benchmarks.
2) to monitor eligible projects from design through completion of construction; to enable partner FIs to properly and accurately capture and monitor the impact of eligible projects; and,
3) to raise awareness in eligible countries around the business case, and opportunities, for financing certified green buildings within their chosen markets.

The objectives described above intend to increase awareness of the commercial attractiveness of green buildings and associated debt as an asset class; increase local green building pipelines; provide a simple and affordable definition for green buildings, define simple procedures for green building eligibility screening and portfolio monitoring; and strengthen networks for FIs with other stakeholders.

Through this project, IFC’s Financial Institution Group will contribute to the overall UK-IFC MAGC program's objective to boost the uptake of greener construction practices and technologies in up to 23 emerging markets, by catalyzing private sector investments for new certified green building construction projects. The UK-IFC MAGC program is supported by the Government of the United Kingdom.

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.

10 financial institutions will report improved knowledge and practices in green building and/or green mortgages finance
10 financial institutions will capture and report impact through the Climate Assessment for Financial Institutions (CAFI) tool

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Unknown/Undisclosed Financial Intermediary Client Finance

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.

**Project contacts not 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