605696 - ESG Project for Pakistan

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Summary of Advisory Services Project Information

Project Number

605696

Primary Business Area

Other

Disclosure Date

May 20, 2024

Country

Pakistan

Region

Middle East

IFC Approval Date

Mar 6, 2024

Status

Active

Estimated Total Budget

$930,000.00
(Project budget includes all project-funded activities)

Last Updated Date

May 20, 2024

Project Estimated Start Date

Mar 4, 2024

Project Estimated End Date

Mar 3, 2027

Project Description

The project will have a three-pronged strategy working at the firm-, market-, and regulatory-levels to ensure a holistic approach to improving ESG practices of corporates and financial institutions (FIs) as follows: 1. Firm-level: The project will build the ESG capacity of potential or existing IFC clients through an ESG Accelerator and/or individual engagements, which is expected to result in their improved ESG performance and facilitate IFC financing. 2. Market-level: The project will build the capacity of selected local market intermediaries to deliver high-quality, technical ESG services and training and will create online resources, for thought leadership and market engagement. The project will also build capacity of local partners in areas of stakeholder engagement and ESG disclosure practices to help support Pakistani firms manage stakeholder related risks. Specifically, the project will help strengthen the ESG training capacity of the Pakistan Institute of Corporate Governance. 3. Regulatory-level: The project will support the Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan to adopt ESG-related frameworks including (a) ESG disclosure framework for listed companies; (b) identify action items to increase ESG uptake among issuers and (c) update corporate governance (CG) regulations to include effective governance of E&S issues including gender issues, stakeholder engagement, and managing civil society grievances.

Development Results

Indicator	Cumulative
Number of entities accessing investment/financing	0
Number of entities that implemented recommended changes	0
Number of entities reporting improved performance (e.g., improvements in productivity, accountability, operations, loan terms, valuations)	0
Number of recommended laws/regulations/amendments/codes enacted or government policies adopted	0
Sales revenue (US$)	0
Number of entities improving their ESG performance due to implementation of the recommendations - firm level	0
Value of IFC financing facilitated (US$)	0
Number of workshops, training events, seminars, conferences, etc. conducted with/by partners	0
Number of entities reached by our partners that implemented recommended changes	0
Number of entities trained by partners	0
Number of individuals trained by project-trained people and/or institutions	0
Number of Partner Intermediaries who continue to deliver ESG training and/or services one year following project completion	0
Value of financing facilitated (US$)	0
Number of women trained by project-trained people and/or institutions	0
Number of publications published/translated/adapted	null
Number of trainers trained	null
Number of entities receiving in-depth advisory services	null
Number of new laws/regulations/amendments/codes/government policies drafted, or contributed to the drafting	null
Number of participants in workshops, training events, seminars, conferences, etc.	null
Number of participants providing feedback on satisfaction	null
Number of participants reporting satisfied or very satisfied with workshops, trainings, seminars, conferences, etc.	null
Number of awareness events (workshops, training events, seminars, conferences, etc.)	null
Number of participants in awareness events	null
Number of women participants in workshops, training events, seminars, conferences, etc.	null
Number of women participants in awareness events	null
Number of workshops, training events, seminars, conferences, etc.	null

E&S Risks / Impacts and Mitigation

Performance Standard	Description and Potential Impact	Mitigation
PS 1. Assessment and Management of Environmental and Social Risks and Impacts	The risk impact is assessed as medium as the project will be delivering advice related to E&S. While the project will target clients with low capacity in E&S risk management, the engagements will aim to move clients to greater consistency with the IFC Performance Standards (PS) and activities delivered will be consistent with the IFC PS.	The project will follow the integrity due diligence and E&S Review Procedures for Advisory Services and ensure that appropriate due diligence is undertaken prior to engagement with any client or partner. The project will also engage with Upstream and Industry teams when working with clients. In addition, the project will seek internal IFC funding to provide enhanced support to selected low-capacity clients to help them improve their E&S risk rating. In the case of an existing IFC investment client with a low E&S risk rating or a potential client with 'investment-blocking' E&S practices, the nature of the engagement will be designed to address the specific issues and/or bring the client to an improved E&S risk rating. The project will aim to improve ESG risk management practices of clients, including advising them to develop or improve their E&S management systems and ESG internal policies and procedures consistent with IFC Performance Standards (PS) requirements to facilitate proper assessment and management of ESG impacts and risks. The advice will be delivered by seasoned IFC E&S staff and consultants, will be fully consistent with IFC PS, and will be subject to quality control by senior IFC E&S staff.

This Summary of Advisory Services Project Information (ASPI) is prepared by IFC to disclose a factual summary of the main elements of this advisory services project. It may also include findings and recommendations related to environmental and social considerations regarding this project. The purpose of the ASPI is to enhance the transparency of IFC's activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the client. IFC considers that this ASPI is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein.
It is distributed within sixty days of project's approval and may be updated periodically afterwards. Total budget and start dates are estimates only. The following ASPI is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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