PROJECT

Projects

Summary of Advisory Services Project Information

Project Number

605795

Primary Business Area

Other

Disclosure Date

Nov 10, 2021

Country

Dominican Republic

Region

Latin America and the Caribbean

IFC Approval Date

May 4, 2021

Status

Active

Estimated Total Budget

$611,799.00
(Project budget includes all project-funded activities)

Last Updated Date

Nov 15, 2021

Project Estimated Start Date

May 1, 2021

Project Estimated End Date

Apr 30, 2023

Project Description

The project will support the Dominican Republic in engaging the financial sector, regulators and supervisors, key Ministries and other stakeholders, as well as private sector entities in the creation and development of a national green taxonomy to enable green financing. Through working with the local financial sector, a clear standard for green assets will be developed and published in the form of the green taxonomy. The project will facilitate engagement with stakeholders to gain consensus through socialization and capacity building activities and work in greater depth with financial institutions. Part of the groundwork and complementary work with financial institutions will identify activities or investments that can move the Dominican Republic toward meeting climate mitigation targets and support the growth of domestic green financial markets. The project will build foundations for subsequent regulatory frameworks and incentives for the issuance of green financial products and coordinate across the World Bank Group and other actors to ensure progress in these complementary areas. Project implementation will begin in the Dominican Republic and initiate engagement in selected EsC countries as well over a 24-month period.

Development Results

E&S Risks / Impacts and Mitigation