ABSA Kenya Climate Finance (IFC-607072)

Countries
  • Kenya
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
Sep 8, 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
ABSA Bank Kenya PLC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Climate and Environment
  • Energy
  • 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.
Investment Amount (USD)
$ 0.29 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 26, 2023

Disclosed by Bank Jun 2, 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.

As stated by the IFC, the project will support ABSA bank to expand its green lending activities across its business units, specifically through provision of technical support in green finance strategy development, fine-tuning green lending products, training of Client staff and development of monitoring tools for the use of the banks green finance reporting.
The project will be delivered through the following modules:
Module 1: Providing input to the Client’s climate finance strategy including:
- An updated market understanding for focus sectors
- An institutional assessment showing recommendations to roll out an ambitious climate finance strategy
- Setting up of KPIs and middle/long term objectives

Module 2: Sector studies covering the wants and needs for Sustainable Energy Finance:
- Undertake targeted sectors studies aligned with the strategy and key focus areas
- Undertake a SWOT analysis of the Client’s competitiveness in the targeted sectors
- Map out capacity gaps in regard to the needs of the industry
- Identify potential partnerships that the Client can forge with technical partners and intermediaries to scale up green finance.

Module 3: Trainings and awareness sessions for the Client’s staff in line with capacity gaps and strategy covering:
- Energy Efficiency
- Renewable Energy
- Green Buildings
- The IFC Green Building application Excellence in Design for Greater Efficiencies (“EDGE”) Tool. EDGE is a green buildings certification tool providing developers and others with a tool to optimize the design of their buildings to meet green standards.

Module 4: Risk mapping and product development:
- Mapping of the risks in the targeted sectors (technical/operational/credit)
- identification and development of mitigation instruments/measures

Module 5: Transaction support
Provide technical specialist review and support for complex green transactions to help the Client’s team with on-the-job learning and enhance the team’s understanding and appraisal of climate finance business models.

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

As stated on the company's website, Absa Bank Kenya is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Absa Group Limited is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42, 000 employees.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - ABSA Bank Kenya PLC Client Finance
- - - - Absa Bank Limited Parent Company 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.

Client - ABSA Bank Kenya PLC:

Address: Absa Head Quarters, Waiyaki Way, PO Box 30120, 00100 GPO, Nairobi, Kenya
Phone: +254(732)130120 / +254(722)130120
Email: absa.kenya@absa.africa
Website: https://www.absabank.co.ke/personal/

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