36037 - SGBCI RSF

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Summary of Investment Information

Project Number

36037

Company Name

RSF SOCIETE GENERALE DE BANQUES EN COTE D'IVOIRE

Date SPI Disclosed

Jun 5, 2015

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

Jul 6, 2015

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Nov 30, 2016

Department

Regional Industry - FIG ME & Africa

Industry

Financial Markets

Previous Events

Approved : Aug 26, 2015
Signed : Sep 14, 2015

Sector

Commercial Banking - SME Finance

Additional Project Attributes

Blended Finance

Project Description

The proposed project with Société Générale de Banques en Côte d’Ivoire (“SGBCI” or the “Bank”) is a Risk Sharing Facility on a portfolio of loans to small and medium enterprises (SMEs) for up to XOF20 billion. 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	33.47
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

Many viable enterprises (real and financial sector) have been severely impacted by the political crisis due to lack of liquidity, interrupted supply/production and closure of factor, supply and delivery markets. By supporting select viable SMEs, entrepreneurs and corporates, this project would:
- Improve access to finance by SMEs. Expanded financial intermediation is needed: a) to support the flow of credit to small business which make up the most important part of the economy in Cote d''Ivoire, and b) help to reduce informal banking throughout the value chain.
- Preserve employment and support key local entities, in particular SMEs that are key to job creation;
- Improve the companies'' competitive position and ability to contribute to Cote d''Ivoire''s economic recovery.
- Help SMEs to penetrate new sectors.

Counter-cyclical role: in the post-conflict context of Cote d''Ivoire, where the banking system underwent severe challenges, the proposed IFC funding aims at supporting the Ivorian banking sector, and particularly to a systemic bank in the country;
- Risk management: IFC risk sharing will help SGBCI manage its risk exposure to SMEs, a relatively underserved market for banks.
- Environmental and Social Best Practices: IFC provides environmental and social best practices towards SMEs which have limited access to guidance or training on E&S issues.

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 on a portfolio of up to XOF20 billion (approx. US$32.7 million equivalent) with SGBCI, on a portfolio of eligible SMEs loans (excluding clients in the cocoa sector). SGBCI’s current SME portfolio entails exposures to the following sectors: wholesale trade, construction, transportation related services and retail. 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, SGBCI 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 SGBCI 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. As part of Societe Generale Group, SGBCI follows the Group''s global E&S policy and within the context of this project, SGBCI will develop the necessary Environmental and Social Management System (ESMS) outlining the procedures, responsibilities and tools for undertaking E&S risk management of its lending activities for SMEs.

Contacts

For Inquiries About the Project, Contact

Willy Tchiengue
DCE – Espace PME-PMI
01 BP 1355 ABIDJAN 01
Tel: +225 20 20 32 40
Fax: +225 20 32 92 23
mailto:Willy.tchienge@socgen.com

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Local Access of Project Documentation

SGBCI
01 BP 1355
ABIDJAN 01

IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

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Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

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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