33230 - SIB RSF

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Summary of Investment Information

Project Number

33230

Company Name

RISK SHARING FACILITY SOCIETE IVOIRIENNE DE BANQUE S.A

Date SPI Disclosed

Jun 6, 2013

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

Jul 11, 2013

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Nov 18, 2013
Signed : Dec 26, 2013

Sector

Commercial Banking - SME Finance

Additional Project Attributes

Blended Finance

Project Description

The proposed project is a Risk Sharing Facility of up to XOF 20 billion to support SME lending in Côte d’Ivoire for Société Ivoirienne de Banque (“SIB” or the “Bank”), a subsidiary of the Attijariwafa Bank Group (“AWB” or the “Group”). The risk sharing facility investment is combined with proposed advisory services to the Bank to help SIB strengthen its SME banking activities and to the SMEs themselves to improve their capacity and business skills.

SIB is the fifth largest bank in the country in terms of loans (8.9%) and seventh largest bank in terms of deposits (7.8%), with a network of 43 branches. The Bank has a universal bank business model servicing the retail, SME and corporate business segments.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	23.95
Loan
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Guarantee	Loans to SME Borrowers

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

The project is expected to have the following development impact:
(i) Increase Access to finance: The project will increase access to finance underserved SMEs in Cote d''Ivoire, thus supporting the revitalization of the private sector, which will lead to job preservation and creation.
(ii) Capacity Building: The project will help build SIB''s capacity strengthen and grow SME banking activities including to sub-segments such as women and agri-businesses. The project will also contribute to build the capaciity of the SMEs themselves that will benefit from the financing.
(iii) Replicability within Cote d''Ivoire: The project will have a demonstration effect by encouraging other local financial institutions to increase lending activities to SMEs.
(iv) Replicability within AWB network of African subsidiaries: The project is also expected to have a demonstration effect by encouraging other SSA subsidiaries of the AWB network to increase lending activities to SMEs in their respective markets.

(i) IFC''s combined offering of risk participation in a portfolio of SMEs and advisory services to strengthen both the Bank and the SMEs themselves is a unique value proposition for SIB at a time the Bank wishes to formulate a solid approach tp SME Customer Management;
(ii) Shaping Bank''s SME strategy: Through its holistic engagement, IFC is expected to play a role helping the bank shape and formulate its strategy towards the SME market
(iii) Sustainability Expertise: In addition to advisory services in terms of SME banking (customer management, risk management, etc.) IFC will also provide further capacity building for the Bank in the area of risk governance and E&S management which will bring further sustainability to the Bank''s activities.

E&S Category Rationale / Risks and Mitigation

This project has been categorized as an FI-2 in accordance with IFC's Environmental and Social Review Procedure. The proposed investment consists of a risk-sharing facility of up to US$ 20 million with Société Ivoirienne de Banque (SIB), a subsidiary of the Attijariwafa Bank Group in Côte d'Ivoire, on a portfolio of eligible Small and Medium Enterprises (SMEs) loans with an anticipated focus on the Agribusiness sector (excluding clients in the cocoa). SIB's current SME portfolio entails exposures to the following sectors: Distribution/Trade, Manufacturing, Agribusiness and Services. The overall portfolio risks includes a limited number of business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site specific, largely reversible, and readily addressed through mitigation measures. For this project, SIB will be required to screen the eligible loans against the IFC Exclusion List and the environmental and social laws and regulations of Cote d'Ivoire.

The key E&S risks and impacts derive from the capacity of SIB to identify and manage the potential environmental and social risks associated with its lending activities to the SME sector, which typically have low environmental risks (waste management, effluent treatment, air emissions, disposal of hazardous materials, etc.) and social risks primarily related to occupational, health and safety (lack of occupational training, use of personal protective equipment, lack of emergency training, etc). Other inherent E&S country risks include, risks related to impacts on biodiversity and child labor, prevalent in Cote d'Ivoire's agricultural sector, in particular cocoa. Additional E&S risks and impacts of the Project derive from the capacity and systems that are in place to manage these risks, and the Bank's practices with regards to labor and working conditions. At present, SIB does not have an Environmental and Social Management System (ESMS) outlining the procedures, responsibilities and tools for undertaking E&S risk management of its lending activities. As part of this investment, the bank will be required to implement an Environmental and Social Management System to ensure that all eligible loans to support SMEs are in compliance with the applicable environmental and social requirements and to continue its commitment to applying the labor standards.

Contacts

For Inquiries About the Project, Contact

Daouda Coulibaly
Managing Director
01 BP 1300 Abidjan 01
34 bd RépubliqueImmeuble Alpha 2000, Plateau
Abidjan, Cote d’Ivoire
Telephone : +225 2020 0000
Fax : +225 2020 0119

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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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