Financial Instruments for Brazil Energy Efficient Cities - FinBRAZEEC (WB-P162455)

Countries
  • Brazil
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • World Bank (WB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Closed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Jun 29, 2018
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
Caixa Economica Federal
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 416.00 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)
$ 1,324.00 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.
Bank Documents
Campaign Documents
Primary Source

Original disclosure @ WB website

Updated in EWS Jul 16, 2024

Disclosed by Bank Jan 12, 2018

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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, the objective of the Financial Instruments for Brazil Energy Efficient Cities Project is to unlock private financing for urban energy efficiency projects in Brazil by reducing the credit risk and enhancing the technical quality of Efficient Street Lighting subprojects and Industrial Energy Efficiency subprojects. There are two components to the project, the first component being EE facility for efficient street lighting and industrial energy efficiency. This component includes two subcomponents: private financing for ESL and IEE subprojects, to provide sub-loans to beneficiaries for ESL subprojects and IEE subprojects through a loan syndication with commercial lenders, led by CEF; and credit enhancement products - the project will capitalize the GF to allow credit enhancement products for ESL subprojects and IEE subprojects. Finally, the second component is the Technical Assistance (TA) consisting of GCF US$4 million recipient executed grant, and US$1 million Bank executed grants provided by the Global Infrastructure Facility (GIF) and ESMAP. The TA component of this project will support essential technical studies, capacity building for the departments of CEF involved, and early operational costs. In the case of IEE, these funds will be used to support technical studies and initial implementation efforts (for example, structuring of off-balance-sheet funds to support scale-up of IEE investment). In the case of ESL, the TA will support cities’ preparation of high-quality PPP subprojects. The GIF and ESMAP funds are being used to support financial structuring of the project and to conduct pre-feasibility studies for PPPs for ESL subprojects in selected cities. A detailed procurement plan and procurement strategy for the recipient executed TA funds (GCF) have been prepared 

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.

According to Bloomberg, Caixa Economica Federal provides banking and financial services. The Company offers financing for housing, sanitation, infrastructure, and urban development projects, as well as renders savings and checking accounts, online banking, and investment services. Caixa Economica Federal serves customers in Brazil and Latin America.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Caixa Economica Federal 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.

ACCOUNTABILITY MECHANISM OF WORLD BANK

The World Bank Inspection Panel is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by a World Bank-financed project. If you submit a complaint to the Inspection Panel, they may investigate to assess whether the World Bank is following its own policies and procedures for preventing harm to people or the environment. You can contact the Inspection Panel or submit a complaint by emailing ipanel@worldbank.org. You can learn more about the Inspection Panel and how to file a complaint at: http://ewebapps.worldbank.org/apps/ip/Pages/Home.aspx.

How it works

How it works