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I. Basic Information
Date prepared/updated: 12/10/2012 Report No.: AC6840
1. Basic Project Data
Country: Madagascar Project ID: P109607
Project Name: ACGF - Madagascar Financial Services Project
Public Disclosure Authorized
2. Project Objectives
The original project development objective (PDO) is to assist the Recipient in increasing
access to sustainable financial services, particularly by micro, small and medium
enterprises, and households in Madagascar through the improvement of competition and
Public Disclosure Authorized
The proposed revised objective of the Project is to assist the Recipient in increasing
access to sustainable financial services, particularly to micro, small and medium
enterprises and households in Madagascar.
3. Project Description
The project will support activities that would play a catalytic role in achieving the
objective of increased access to financial services for firms and households in
Madagascar. The project support will, thus, be provided for the two original components
are restructured to focus on (i) access to MSME finance and (ii) Improving the capacity
of micro-finance institutions for greater outreach and sustainability. For these two
restructured components, the project will support technical assistance and equipment
which are provided under specific conditions and selected criteria.
Component 2: Improving the capacity of MFIs for greater outreach and sustainability
(US$6.8 million).
This component will focus on scaling up the results and impact of the ongoing IDA
microfinance project aimed at helping MFIs achieve greater outreach and sustainability.
Support will be provided through the provision of goods, services and Matching Grants
for the following activities: (i) Strengthening supervision of MFIs (CSBF); (ii)
Reinforcing the MFIs and (iii) baseline studies, periodic survey, communication.
2. Describe any potential indirect and/or long term impacts due to anticipated future
activities in the project area:
No potential indirect and/or long term environmental and social impacts are expected
with the potential subproject proposed by local banks for accessing to the partial
guarantee due to measures adopted by the project to mitigate and limit the impacts and
risks.
3. Describe any project alternatives (if relevant) considered to help avoid or minimize
adverse impacts.
N/A
4. Describe measures taken by the borrower to address safeguard policy issues. Provide
an assessment of borrower capacity to plan and implement the measures described.
The project has been re-classified as Category FI and the World Bank Operational Policy
on Environmental Assessment (OP 4.01) is triggered. As sub-projects/activities to be
financed under the credit of local banks for partial guarantee have not yet been identified
during the project preparation, an Environmental and Social Management Framework
(ESMF) has been prepared for the Project. The ESMF will set forth the principles and
guidelines to be followed by the borrowers to comply with the requirements of the
triggered policy. It includes a mechanism to review and conduct an environmental
screening to avoid and mitigate the environmental and social impacts risks of potential
subprojects eligible for financing by the participating financial institutions that have
access to the partial guarantee.
Two stages of environmental screening process have been adopted by the project to
avoid and minimize environmental and social issues.
The first level of screening will be addressed through an Exclusion List of Activities
(ELA). This is a list of sub-projects/activities that are ineligible for access by the local
banks to the project's partial guarantee The key steps and due diligence to identify ELA
and ineligible activities include the following: (i) a detailed review of range of activities
classified as Category A, according to World Bank OP 4.01; (ii) all activities/subprojects
that could trigger World Bank OP 4.12 on Involuntary Resettlement and OP 4.04 on
Natural Habitats; and (iii) activities that are prohibited for World Bank Group lending,
including IFC's exclusion list.
The second level of screening are the activities or subprojects presented by PFIs that
could be eligible for access to the project's partial guarantee of the project fund. The key
steps and due diligence to identify eligible activities included the following: (i) activities
classified as Category B, according to World Bank OP 4.01, where the proposed
subproject/activity presented by the PFIs to be registered under the PPCG has received
an environmental license delivered by the Malagasy Environmental Authority (National
Office of Environment) and implemented in a manner satisfactory to the Environmental
and Social Management Plan (ESMP) that would be prepared for each subproject, and
monitored by the Malagasy Environmental Authority; (ii) activities classified as Category
C according toWorld Bank OP 4.01(i.e. negligible or no environmental and social
impacts).
The World Bank will assist and train the Project Coordination Unit and SOLIDIS, a
Malagasy guarantee firm licensed by the Central Bank of Madagascar, to build up their
capacity on the management of environmental and social risks described in the ESM. The
ESMF includes the screening of activities concerned by the request of partial guarantee
and their classification into ineligible or eligible activities. For the PFIs, completion of
this training will be a pre-condition to launch the activities on the provision of guarantee
fund.
5. Identify the key stakeholders and describe the mechanisms for consultation and
disclosure on safeguard policies, with an emphasis on potentially affected people.
The key stakeholders of the proposed project include the local banks, MFIs and the
recipients of micro-finance have been consulted during the project preparation and the
implementation period of original project. These consultations have been done in
different levels to preset the activities of proposed project. All provided comments have
been included to this proposed operation.
C. Compliance Monitoring Indicators at the Corporate Level (to be filled in when the
ISDS is finalized by the project decision meeting)
Approved by:
Regional Safeguards Coordinator: Ms Alexandra C. Bezeredi 12/10/2012
Comments:
Sector Manager: Ms Irina Astrakhan 12/07/2012
Comments: