XM-DAC-903-SII-48929 International Finance Corporation The proposed project consists of a 3-year senior loan of up to US$2 million to be disbursed in Gambian Dalasi (GMD) comprising up to US$0.8 million for IFCs Own Account (O/A) and a mobilization component of up to US$1.2 million to Salam Financial Services Limited (Salam or the MFI) formerly known as Supersonicz Financial Limited , the second largest microfinance institution (MFI) in The Gambia for on-lending to Micro, Small and Medium Enterprises (MSMEs), informal enterprises, and low-income households, with 50% dedicated to women-owned/led MSMEs (WMSMEs) (the Project).The Project will be processed under IFCs MSME Finance Platform (the Platform).   The Project will be supported by a pooled first loss guarantee (PFLG) of up to US$40 million provided by International Development Associations Private Sector Window Blended Finance Facility (IDA-PSW BFF) allocated to the BOP Envelope under the MSME Finance Platform, as well as IDA-PSW Local Currency Facility (LCF) in the form of a cross-currency swap. The most significant expected Project-level outcome will be increased access to credit for MSMEs, informal enterprises and low-income households, including women entrepreneurs in Gambia. Beyond the Project, IFCs support to Salam is expected to enhance competitiveness among MFIs in the market, demonstrating the viability of increasing access to finance to MSMEs with a focus on women borrowers. SALAM FINANCIAL SERVICES LIMITED Salam Financial Services Limited Mr. Njundu Fatty Chief Executive Officer nfatty@supersonicz.gm www.supersonicz.gm International Finance Corporation +12024733800 ccspg@ifc.org www.ifc.org 2121 Pennsylvania Avenue, NW Washington DC 20433 Gambia, The The Project will be in The Gambia. Location description A description that qualifies the activity taking place at the location. 13.5000000000 -15.5000000000 O-HA - Microfinance and Small Business - Non Commercial Banking Total: $0.80 million Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SII/48929/mfp-bop-salam XM-DAC-903-SPI-27348 International Finance Corporation The proposed greenfield project involves the construction and operation of a new five star hotel, the Coco Ocean Resort & Spa, to be located on Bijilo beach near Banjul in The Gambia. The new hotel will include about 98 suites, 3 Restaurants, Spa and a 250 person Conference room (Coco Ocean or the Project). The project will be owned and operated by the Coconut Limited Company which already owns and operates an existing hotel operation in the Gambia, the Coconut Residence Company. Further development of a tourism infrastructure that will support an expanding industry: The hotel will cater to the growing demand for up market accommodation in The Gambia attracting tourists with higher purchasing power parity versus the current low paying package tourists that dominate the Gambian tourist market. As a result, Coco Ocean will encourage increased business in tourism related activities in the country. The project is also expected to improve the countrys image and competitiveness as a domestic and regional tourist hub in the quality segment. Demonstration effect: The success of this project will set a good example for other local investors and hotel developers and will help attract additional foreign investment into the Gambian tourism sector. IFCs provision of a long term loan to the Project will demonstrate that profitable and well structured projects justify longer tenors in The Gambia. Job creation: The project will create around 200 to 220 new direct and permanent jobs as well as employ additional temporary labor during the construction phase. Indirect employment along the supply chain will be created as well as new linkages with the rest of the economy through the purchase of building materials, operating supplies and services from local suppliers. As a result the Project will contribute to the development of the local communities. Climate Change: The key heating system for the project is based on solar power which will heat 8 of 9 pools and will supply all of the resorts hot water. The solar heating system will substantially reduce the consumption of electricity from the main grid and of fuel for the back up generators. Air conditioning use will be reduced by building designs that include extended eaves to prevent room heating by direct sunlight and improve air circulation through louvered windows. Capacity building: the project will contribute to enhancing the local labor skills through extensive hotel training. COCONUT COMPANY LIMITED Sponsors: Mr. Farid Bensouda and Mr. Walter Loehn The Coconut Residence, Kerr Serign PO Box 3168 Serrekunda The Gambia Tel: 00220 446 33 77 Fax: 00220 446 1835 International Finance Corporation +12024733800 ccspg@ifc.org www.ifc.org 2121 Pennsylvania Avenue, NW Washington DC 20433 Gambia, The The project is located on Bijilo beach, on the main highway between the capital Banjul (10 kms distance) and the airport (10 kms). Prior to construction, the land was a sandy coastal area with limited vegetation. It permitted only limited opportunities for agriculture without addition of organic matter and fertilizer. The land was clear of houses and farming at the time that it was acquired for the project. No prior involuntary resettlement was involved. The land was effectively disturbed natural habitat with little value as habitat. Location description A description that qualifies the activity taking place at the location. 13.5000000000 -15.5000000000 AB - Resort Hotel (Including Lodges) Total: $10.19 million 10190000.00 10190000.00 COCONUT COMPANY LIMITED Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/27348/coco-ocean-project XM-DAC-903-SPI-8230 International Finance Corporation Summary of Project Information (SPI) Project Name The Gambia-Kerr Kande Farm Ltd II Region Sub-Saharan Africa Sector Food & Agribusiness Project No. 008230 Projected Board Date: April 28, 1997 Company Name: Kerr Kande Farm Ltd Technical Partner and/or Major Shareholders: Mr. Momodou Jagne is the major shareholder (95%) and his son owns the remaining 5%. The farm manager is a Ghanaian expatriate, Mr. Solomon Narty. Project Cost Including Proposed IFC Investment: Total project cost is estimated at US$530,000 equivalent and IFC has been asked to provide a loan guarantee of US$220,000 equivalent representing 42% of the project cost. Location of Project and Description of Site: The project is located by the NEMA KUNKU Village on a land leased from the Government approximately 20 kms away form BANJUL, the Capital City of the GAMBIA. Description of Company and Purpose of Project: KERR KANDE FARM LTD intends to remain the egg production leader in the Gambia and now needs to expand/complete modernization of its hen house and integrate its production capacity to meet the growing demand for chicken products in general and eggs in particular. Project Development Effects: The project will be the largest egg producer in the Gambia, and will make available competitive animal protein in the country and introduce modern technology and management practices in a relatively undeveloped industry. As industry leader, this will have example value to other indigenous entrepreneurs. Furthermore, the rehabilitation of a feedmill which will use local ingredients will lead to increased production of rice and maize in the Gambia. IFCs Role: IFCs support to KERR KANDE FARM will provide critically needed term financing at a reasonable cost. The high local interest rate has seriously hampered the financing of investments in general in the Gambia. Environmental Category and Issues: This is a category B project according to IFCs environmental review procedure because specific impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The review of this project consisted of the appraisal of technical and environmental information submitted by the project sponsor and completed by IFCs Environment Department staff. Key environmental, health and safety issues that could be of potential concern are specifically power and water supply and use, solid and liquid waste disposal, effluent treatment (including sewage), CFC-free cold storage, land use and site conditions, plant hygiene and housekeeping, employee exposure to dust and heat, employee safety and training, and fire prevention. The sponsor has presented plans to address these issues and demonstrate that the proposed project will comply with applicable governmental and Word Bank requirements. The information provided about how these potential impacts are addressed in the development of the project is summarized in the Environmental Review Summary. IFC will ensure ongoing compliance with World Bank guidelines during the life of the project by evaluating monitoring reports submitted annually to IFC by the sponsor, and by conducting periodic supervision visit. The draft Environmental Review Summary was issued on March 3, 1997 and the final ERS is expected to be sent to the Public Information Center by March 21, 1997. Date SPI sent to PIC: March 20, 1997 For additional information Contact: Corporate Relations Unit - Tel: (202) 473-2711 Facsmile: (202) 676-0365 L:\WPCR\ROB\KKF2SPI.DOC March 20, 1997 11:08 AM Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html). Kerr Kande Farm Limited II International Finance Corporation +12024733800 ccspg@ifc.org www.ifc.org 2121 Pennsylvania Avenue, NW Washington DC 20433 Gambia, The Location description A description that qualifies the activity taking place at the location. 13.5000000000 -15.5000000000 BB - Poultry Farming Total: $0.22 million 220000.00 0.00 220000.00 Kerr Kande Farm Limited II 0.00 Kerr Kande Farm Limited II Please refer to the Environmental & Social Categorization Rationale tab in the project disclosure document, as well as the Mitigation Measures/Environmental and Social Action Plan tab when applicable. https://disclosures.ifc.org/project-detail/SPI/8230/aef-kerr-kande-farm-ii