PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

602541

Primary Business Area

Other

Disclosure Date

May 1, 2019

Country

Zambia

Region

Africa

IFC Approval Date

Jul 28, 2018

Status

Completed

Estimated Total Budget

$800,000.00
(Project budget includes all project-funded activities)

Last Updated Date

Nov 27, 2024

Project Estimated Start Date

Jun 20, 2018

Project Estimated End Date

Feb 28, 2022

Project Description

This project is a continuation of WBG Finance, Competitiveness and Innovation's (FCI) Zambia Secured Transactions Phase 1 project ( #599863) which led to the establishment of the best practice legal and institutional framework for movable asset-based lending. The Phase 2 of this project will address all the main obstacles and non-leveraged opportunities for the development of a robust movable asset based lending market. The project will have six components: (1) Increase the lenders' and key stakeholders’ understanding and knowledge of the movable asset based financing; (2) Assess and adjust prudential regulation guidelines and oversight procedures on movables based collateral lending to further facilitate movable asset based lending; (3) Amend the Small Claims Court Act and continue to strengthen the capacity of the Zambia Judiciary on the MPSI & Insolvency Acts, including the new changes to the Small Claims Court Act; (4) Develop and implement the leasing regulation in collaboration with Bank of Zambia; (5) Build capacity of the insolvency regulator/administrator (PACRA) on bankruptcy and insolvency practices and support the development of the insolvency practitioners' industry; and (6) Strengthen the statistical analysis and reporting capability based on data from the Collateral Registry database to guide policy directives aimed at reporting on the development of a movables based finance industry in Zambia.

Development Results

E&S Risks / Impacts and Mitigation