45473 - GTFP ATRI SUNU

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Summary of Investment Information

Project Number

45473

Company Name

SUNU BANK

Date SPI Disclosed

May 31, 2023

Country

Togo

Region

Africa

Projected Board Date

May 16, 2023

Environmental Category

FI-3 - No Impact

Status

Pending Signing

Last Updated Date

Jun 1, 2023

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Nov 11, 2004

Sector

Commercial Banking - Trade

Project Description

IFC’s proposed project consists of a trade finance facility of up to US$5 million for SUNU Bank Togo (the “Bank”) with a maturity of up to 1 year. The investment falls under the IFC’s Global Trade Finance Program (“GTFP”) and is booked under the African Trade and Supply Chain Finance Recovery Initiative (“ATRI”) umbrella (the “Project”). The investment will support the Bank’s international trade business and enhance acceptability by correspondent banks (“CBs”) of Letter of Credits, Guarantees and other trade instruments issued by SUNU Bank Togo, the eighth largest commercial bank in Togo in terms of net loans, in favor of its CBs.

Associated Advisory Engagement

The proposed trade finance advisory aims to support SUNU Bank Togo to build its capacity to grow and expand its Trade Finance business, while strengthening its trade finance processes through trainings and workshops to reinforce the Bank’s processes.

Sponsor / Cost / Location

Development Impact

The most significant expected project-level outcome is the increase in access to trade finance for the Bank. Beyond the Project, IFC anticipates that the Project could support greater market integration, since in eligible IDA-PSW countries, such as Togo, GTFP builds, protects, and deepens trade finance networks by continually enabling individual trade transactions, which slowly builds integration of trade networks, trade, and income to these economies

IFC's expected additionality through this Project is both financial and non-financial. On Financial Additionality, through its financing structure, the Bank, when joining the GTFP, will have access to IFC’s extensive international correspondent banking network. On Non-financial Additionality, there will be two components: (i) “Non-commercial risk mitigation, including trusted partnerships” where GTFP’s catalytic role is a trusted facilitator among cross border CBs and GTFP’s guarantee structure will help reduce key elements of confirmation risk for CBs, and (ii) “Knowledge, innovation, and capacity building” where the Bank will benefit – through an advisory engagement – from IFC’s technical expertise and best practice recommendations, namely in strengthening its trade finance operations and in redesigning its trade solutions.

E&S Category Rationale / Risks and Mitigation

This Project will support short-term trade finance activities. The E&S risks and impacts associated with these activities are considered low and the project has therefore been classified as a category FI-3 project in accordance with IFC's Sustainability Policy. The trade finance activities supported by the Project will be required to meet the requirements of the IFC's Exclusion List and other exclusions deemed necessary. The Project will not support any activities with significant E&S concerns such as: (a) involuntary resettlement; (b) risk of adverse impacts on Indigenous Peoples; (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage; or (d) significant occupational health and safety risks. It will also not support any activities related to upstream oil & gas production and activities related to coal such as coal mining, coal transportation, coal-fired power plants, or infrastructure services exclusively dedicated to support any of these activities. IFC will also review the details of the underlying trade transactions to confirm that they do not include activities on IFC Exclusion List and any other exclusions.

Contacts

For Inquiries About the Project, Contact

Sunu Bank Togo
Miriam ADOTEVI
CEO
+228 2253 4700
Togo.bank@sunu-group.com
Immeuble SUNU Banque Togo 23 Avenue Kleber Dadjo Quartier Hanoukope, Lome Togo
https://www.SUNUbank.tg

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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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