Access Financial Services: Green microfinance for clean and efficient energy (IADB-JA-X1010)

Countries
  • Jamaica
Where the impacts of the investment may be experienced.
Specific Location
Kingston, St. Catherine, Manchester, Montego Bay
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Inter-American Development Bank (IADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 23, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Access Financial Services Limited
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 0.28 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 0.41 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IADB website

Updated in EWS Jun 22, 2017

Disclosed by Bank Jan 15, 2016


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Project Description
The EcoMicro project will support the microfinance institution Access Financial Services Limited (AFSL) with technical assistance to develop a new green financial product. The product will be targeted to low-income households and micro, small and medium enterprises (MSMEs) across Jamaica. The project goal is to increase MSMEs' competitiveness and to increase low-income households' disposable income through better management of energy costs. The purpose will be to develop MSMEs and low-income households' use of green finance product for clean and efficient energy solutions that can reduce operational costs through energy savings.
Investment Description
  • Inter-American Development Bank (IADB)
The IADB's Multilateral Investment Fund (MIF) in partnership with the Nordic Development Fund, through the EcoMicro facility, will provide technical assistance to AFSL. The consulting firm Frankfurt School of Finance and Management will work with AFSL to develop the green finance product. The Technical Cooperation will cost US $413,700. US $284,000 will be funded by the IADB, and US $129,700 through country counterpart financing.
Contact Information
ACCOUNTABILITY MECHANISM OF IADB The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).