Banco Millennium Atlántico ESMS Support
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.
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.
Summary of Advisory Services Project Information
Project Number
607373
Primary Business Area
Environment, Social and Governance
Disclosure Date
Oct 21, 2022
Country
Angola
Region
Africa
IFC Approval Date
Oct 3, 2022
Status
Completed
Estimated Total Budget
$47,000.00
(Project budget includes all project-funded activities)
Last Updated Date
Project Estimated Start Date
Sep 26, 2022
Project Estimated End Date
Dec 31, 2023
Project Description
This AS engagement will support BMA to enhance it's environmental and social management system (ESMS) and build staff capacity to effectively implement it. This will ultimately contribute to de-risking the BMA portfolio and building more sustainable businesses amongst its clients.
Development Results
E&S Risks / Impacts and Mitigation
Development Results
The project will provide support to the client to enhance it's environmental and social management system and build the client's capacity so that it considers environmental and social risks in its transaction process.
| Indicator | Cumulative |
|---|---|
| Number of entities that implemented recommended changes | 0 |
| Number of reports accepted by client | 0 |
| Number of recommended procedures/firm-level policies/practices/standards that were improved or eliminated | 0 |
| Number of entities receiving in-depth advisory services | 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 procedures/firm-level policies/practices/standards recommended for improvement or elimination | null |
| Number of reports (assessments, surveys, manuals, Phase I/strategic option reports, research, analytical, evaluations, etc.) completed | 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 | As part of its Due Diligence, and as mandated by IFC Sustainability Policy, IFC team will screen this project to assess consistency with IFC's Performance standards throughout the preparation and delivery of the ESG Advisory. The client does not currently meet PS1 requirements and consequently the scope of the activity will include advice on implementing PS1. Environmental and social risks will be further reviewed throughout the life-cycle of the project. | IFC advice will be provided in a manner consistent with the Performance Standards and the project will be staffed by consultant/ESG Advisory/E&S Specialists with experience in applying the PS. ESG Advisory will assist the client in gaining a good understanding of IFC's Performance Standards, and provide recommendations for appropriate mitigation measures whenever warranted. |
| PS 1. Assessment and Management of Environmental and Social Risks and Impacts | There is a potential reputational risk to IFC if an AS client engages in activities that have negative environmental or social consequences. This risk is deemed to be negligible given the nature of the advisory services we will be providing (to recommend ESG improvements) | To mitigate this risk, we will follow the IDD and ESG Review Procedures for Advisory Services and ensure proper due diligence is done prior to engagement with any client or partner. |
Development Results
Expected Development Impact
The project will provide support to the client to enhance it's environmental and social management system and build the client's capacity so that it considers environmental and social risks in its transaction process.
Development Results
| Indicator | Cumulative |
|---|---|
| Number of entities that implemented recommended changes | 0 |
| Number of reports accepted by client | 0 |
| Number of recommended procedures/firm-level policies/practices/standards that were improved or eliminated | 0 |
| Number of entities receiving in-depth advisory services | 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 procedures/firm-level policies/practices/standards recommended for improvement or elimination | null |
| Number of reports (assessments, surveys, manuals, Phase I/strategic option reports, research, analytical, evaluations, etc.) completed | null |
| Number of workshops, training events, seminars, conferences, etc. | null |
E&S Risks / Impacts and Mitigation
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 | As part of its Due Diligence, and as mandated by IFC Sustainability Policy, IFC team will screen this project to assess consistency with IFC's Performance standards throughout the preparation and delivery of the ESG Advisory. The client does not currently meet PS1 requirements and consequently the scope of the activity will include advice on implementing PS1. Environmental and social risks will be further reviewed throughout the life-cycle of the project. | IFC advice will be provided in a manner consistent with the Performance Standards and the project will be staffed by consultant/ESG Advisory/E&S Specialists with experience in applying the PS. ESG Advisory will assist the client in gaining a good understanding of IFC's Performance Standards, and provide recommendations for appropriate mitigation measures whenever warranted. |
| PS 1. Assessment and Management of Environmental and Social Risks and Impacts | There is a potential reputational risk to IFC if an AS client engages in activities that have negative environmental or social consequences. This risk is deemed to be negligible given the nature of the advisory services we will be providing (to recommend ESG improvements) | To mitigate this risk, we will follow the IDD and ESG Review Procedures for Advisory Services and ensure proper due diligence is done prior to engagement with any client or partner. |
Additional Documents
No related documents.
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