Q.The Guidelines paragraph IV. states, “in exceptional cases where, given the nature of the project, documents necessary for environmental reviews are not available at the time when the decision on the commitment issuance is required, NEXI may make a decision on the commitment issuance based on the condition that it will undertake the environmental reviews after the commitment decision.” Specifically, in what cases and in what procedures is this stipulation applicable?

A.

For example, there may be a case of acquisition of rights and interests in the early stage of a natural resource development project.
In this case, NEXI will classify the categories of the project based on the information obtained from the Applicant. If the project is classified as Category A or B, environmental and social considerations are ascertained in the following processes.
[Before Decision Making]
Although sufficient materials are not obtainable for conducing environmental reviews, arrangements on environmental and social considerations are ascertained to the extent possible based on the information obtained through the Applicant. The information used for confirmation is disclosed to the public to the extent possible in addition to the information written in the screening form, while taking account of confidential matters in business.
The result of the confirmation will be posted on our website immediately after the signing of the insurance contract although the result is provisional.
NEXI will explicitly stipulate in the Environmental Special Clauses, etc. that development will not be made in the project until the environmental reviews indicated below are conducted.
[After Decision Making]
After we receive documents necessary for environmental reviews such as Environmental and Social Impact Assessment (ESIA) reports and environmental permit certificates issued by the project countries’ government (hereinafter referred to as the “ESIA reports, etc.”), we conduct our ordinary environmental reviews. The ESIA reports, etc. used for the environmental reviews and the environmental review results are disclosed on the website in an ordinary way.

Also, if appropriate environmental and social considerations have not been confirmed at the environmental reviews, NEXI may cancel the commitment based on the Environmental Special Clauses, etc. or may terminate the insurance contract if the insurance contract has been signed already.