31847 - CRRP

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Summary of Investment Information

Project Number

31847

Company Name

RISK SHARING FACILITY CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK

Date SPI Disclosed

Feb 28, 2014

Country

World Region

Region

Global

Projected Board Date

Mar 31, 2014

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Apr 5, 2017

Department

Products Clients and Innovation

Industry

Financial Markets

Previous Events

Approved : May 8, 2014
Signed : Jun 2, 2014

Sector

Capital Markets Financing Company (Including Investment Banking)

Project Description

Since its creation in 2004 from the merger of Crédit Agricole Indosuez and Crédit Lyonnais’ Corporate and Investment Banking division, Crédit Agricole CIB, the Corporate & Investment Banking arm of Crédit Agricole Group, (“CACIB”), has been offering its clients worldwide a broad range of products and services in capital markets, investment banking, structured finance and corporate banking. The bank has a comprehensive and growing business franchise in a large number of emerging markets.
The proposed 4 to 5 year transaction consists of up to US$100 million of un-funded IFC risk participation in an approximate Euro 1.5 billion global portfolio of predominantly emerging markets trade finance-related credit assets on CACIB’s balance sheet. This risk participation will support further growth in CACIB’s trade finance activities in emerging markets.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	88.0
Loan
Equity

Development Impact

The project will support the supply of trade finance in emerging markets, including IDA countries, by sharing credit risk on Trade finance activities in emerging markets with CACIB in order to develop further growth in this activity. The project will also demonstrate to other investors and banks the feasibility of undertaking this type of transaction for the growth of emerging markets trade finance activities.

The proposed transaction structure is still not well known to many international investors, as well as banks active in Trade Finance in emerging markets. IFC''s participation in the project will serve to highlight the transaction structure''s relevance in setting up credit risk transfers with banks which might want to augment their emerging markets trade finance operations, and in attracting more capital markets investors in order to do so.

E&S Category Rationale / Risks and Mitigation

The proposed project involves IFC risk participation with CACIB for its trade and corporate loans. While the short-term trade finance comprises most of the portfolio, it may contain corporate loans in higher E&S risk sectors such as financing in oil, gas, and mining. Industry sectors covered in the portfolio are not restricted. However, the portfolio is required to maintain an even distribution among sectors. Therefore, the project has been categorized as a FI-2 project in accordance with IFC’s Sustainability Framework. For this project, the client will be required to: i) implement a screening procedure against the IFC Exclusion List; ii) ensure that the CACIB''s existing reputational risk screening is applied for the transactions in the portfolio and that the obligors are in compliance with national environmental, health, safety and labor laws; iii) work with IFC to ensure that high E&R risks of transactions are identified and managed; iv) comply with the requirements of the Performance Standard 2 - Labor and Working Conditions; and iv) submit a periodic report as per a format to be provided by IFC.

The portfolio likely includes a few high E&S risk corporate transactions as well as agricultural trade financing. While CACIB has adopted the Equator Principles and extended its application to beyond project finance, they do not apply to trade finance or most of its corporate loans. As a result, a few high E&R risk transactions are unlikely to be screened against the IFC Performance Standards. CACIB conducts reputational risk screens and escalates any E&S concerns internally to make investment decisions. Given the nature of this transaction that covers the existing portfolio, additional E&S due diligence and subsequent follow-up cannot be provided to such transactions and therefore E&S risks may remain in the portfolio.

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This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII 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 project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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Task Title & Description	Anticipated Completion Date	Status	Comments	Completion Date
Nominate officers		Completed	Completed	06/02/2014
Agree on screening and/or eligibility criteria based on E&S risks and exclude IFC's participation in such loans.		Completed	Completed	06/02/2014

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