36645 - EBG Tier2 II

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Summary of Investment Information

Project Number

36645

Company Name

ECOBANK GHANA LTD

Date SPI Disclosed

Mar 11, 2015

Country

Ghana

Region

Africa

Projected Board Date

Apr 13, 2015

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Banking and Capital Markets

Industry

Financial Markets

Previous Events

Approved : Apr 24, 2015
Signed : May 8, 2015
Invested : Jun 15, 2015

Sector

Commercial Banking - General

Project Description

The proposed Project consists of a Tier II qualifying subordinated debt of US$20 million to Ecobank Ghana (“EBG” or “the Bank”). IFC’s investment aims to strengthen the capital base of the Bank and support its growth and diversification strategy in the retail and medium size enterprises segments.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	20.0
Equity

Development Impact

Through the proposed investment, IFC would play a particularly important role:

(i) Provision of long term funding: very few institutions are able and willing to offer such funding (with such size - US$20M) in the current Ghanaian context.

(ii) Stamp of Approval: with its counter-cyclical nature, the proposed investment is an indication of IFC''s stamp of approval to a well-run bank and has the potential to play a catalytic role and attract further investment into the Ghanaian banking sector.

E&S Category Rationale / Risks and Mitigation

This project has been classified as a category FI-2 project according to IFC's Environmental and Social Review Procedures. Ecobank Ghana provides retail and commercial banking services to individuals and corporate entities in Ghana. The sectors financed include – services, manufacturing, oil & gas, food and beverage, mining, utilities, agriculture, wholesale and retail trade, food and beverage, and telecommunications. The potential E&S impacts associated with these activities are considered mostly limited and can be readily addressed through mitigation measures. The bank's portfolio is thus considered medium risk. The applicable requirements are the IFC Exclusion List, the applicable national social and environmental laws in Ghana, and the IFC Performance Standards.

The main E&S risks and impacts associated with this project relate to the bank's ability to identify and manage the E&S risks and impacts associated with its lending activities in line with IFC's policy requirements. Ecobank Ghana is an existing client and in line IFC's requirements for financial intermediaries, the bank has an E&S Officer and an Environmental and Social Management System (ETI Group E&S Manual). To complement its ESMS, the client will be required to develop an external grievance mechanism for parties affected by the projects it finances as well as provide IFC with sample project monitoring reports.

Contacts

For Inquiries About the Project, Contact

Samuel Ashitey Adjei
Ecobank Ghana
Managing Director
Accra, Ghana
Telephone: +233-21-680437
Fax: +233-21-680428

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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.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

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/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Task Title & Description	Anticipated Completion Date
Development of an External Grievance Mechanism Verification of ESMS Implementation – Provision of Sample E&S Monitoring Reports	07/31/2015

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