41500 - SGBL SSL MCPP

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Summary of Investment Information

Project Number

41500

Company Name

SOCIETE GENERALE DE BANQUE AU LIBAN SAL

Date SPI Disclosed

Aug 6, 2018

Country

Lebanon

Region

Middle East

Projected Board Date

Sep 12, 2018

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

Apr 25, 2026

Department

Regional Industry FIG MCT

Industry

Financial Markets

Previous Events

Approved : Dec 11, 2018
Signed : Dec 14, 2018
Invested : Dec 21, 2018

Sector

Commercial Banking - General

Project Description

The Project (“SGBL SSL MCPP”) entails an IFC senior loan to Société Générale de Banque au Liban (“SGBL” or the “Bank”) to support its lending program to SMEs and climate change projects in Lebanon. At the discretion of the Bank, IFC will also provide the Bank with a USD interest rate swap to hedge the interest rate risk arising from this financing.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management	1.50
Guarantee
Loan	57.16
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
Straight Senior Loan	Loans to SME Borrowers
Client Risk Management	Loans to SME Borrowers

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

Development Impact

E&S Category Rationale / Risks and Mitigation

The proposed project is a senior loan, where the use of proceeds will be used to finance eligible SMEs and climate subprojects in Lebanon. The SME and climate portfolio is largely comprised of business activities that have limited adverse environmental and social (E&S) risks and impacts that are few, site specific, largely reversible and can be readily addressed through mitigation measures. This project is classified as Category FI-2 project according to IFC's Sustainability Policy. For this project the client will be required to screen against and verify compliance with the IFC Exclusion List, host country Environmental and Social laws and regulations, and IFC Performance Standards (as applicable) of its prospective portfolio of SMEs and climate subprojects (asset class) as defined in IFC eligibility criteria. In addition, the Bank will comply with the requirements of IFC's PS2 on Labor and Working conditions.

The main E&S risks and impacts of this investment relate to SGBL's capacity to manage environmental and social risks associated with its investments in line with the applicable requirements. The Bank will be required to develop an E&S management system for screening and monitoring of the SME and climate loan portfolio against applicable requirements. The bank will also be required to designate staff members responsible for E&S issues and to provide them with the necessary training for implementation of the ESMS. In addition, IFC will review the E&S due diligence of the first three renewable energy projects prior to the Bank's investment to such projects. The Bank's HR policies and procedures are generally in line with IFC Performance Standard 2 on Labor and Working Conditions, except for a documented grievance mechanism and harassment policies. The HR policies and procedures are currently being revised for full compliance with IFC Performance Standards 2.

Task Title & Description	Actual Due Date	Status	Comments	Completion Date
Nominate officers		Completed
Establish SEMS		Completed
Staff Training		Completed
Other1 Develop Staff Training Plan		Completed
Other2 Provide implementation report		Pending
Other3 Revise HR Policies and procedures		Pending

Contacts

For Inquiries About the Project, Contact

Société Générale de Banque au Liban
Mona Mroue
Group Head of Global Transaction Banking
+961 1 483001
Mona.Mroue@socgen.com
Sin EL Fil, Saloumeh Roundabout, SGBL Building, Beirut, Lebanon
www.sgbl.com.lb

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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.

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