46618 - BICICI AMEF RSF

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Summary of Investment Information

Project Number

46618

Company Name

AMEF BICICI RSF

Date SPI Disclosed

Mar 1, 2023

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

Mar 31, 2023

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Nov 19, 2025

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Nov 19, 2020
Signed : Jun 26, 2023

Sector

Commercial Banking - SME Finance

Additional Project Attributes

Blended Finance

Project Description

The proposed project consists of an unfunded Risk Sharing Facility (the “RSF”) for up to XOF5 billion (or approximately US$8.3 million) committed in two equal tranches to Banque Internationale pour le Commerce et l'Industrie de la Côte d’Ivoire (“BICICI” or “the Bank”) with a maturity of up to 8 years under IFC’s Africa Medical Equipment Facility (“AMEF”). The RSF will cover up to 50% of the risk on a portfolio of healthcare small and medium enterprise (“HSME”) loans in an amount of up to XOF10 billion (or approximately US$16.5 million) to help scale up the Bank's SME lending in Côte d’Ivoire (the “Project”). The loans will be originated by BICICI, the sixth largest bank in Côte d’Ivoire in terms of gross loans, through HSMEs, such as hospitals, clinics, pathology laboratories, diagnostic imaging centers and medical equipment distributors, for whom BICICI finances the purchase of medical equipment through leading original equipment manufacturers (“OEMs”).

Associated Advisory Engagement

The accompanying Advisory Services (“AS”) offering under AMEF includes complementary advisory support organized around two pillars: (a) reporting training to equip BICICI to meet the quarterly and annual reporting requirements under the facilities, and (b) operational implementation support to assist BICICI to integrate the risk mitigation product into its systems and procedures for immediate execution. In addition, a complimentary diagnostic report will be provided to further assist the Bank with a gap analysis and recommendations to improve its SME banking operations. Additionally, IFC will strengthen the Bank’s understanding of the healthcare sector, while reinforcing the capacities of the HSMEs in terms of financial management and ability to make informed equipment purchase decisions.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	165.0
Loan	0.0
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 most significant, expected project-level outcome is the increase in access to finances for SMEs and the provision of medical equipment for diagnosis and treatment services for a range of diseases, including COVID-19. Beyond the project, IFC anticipates its financing could support greater market resilience as service capacity to treat COVID-19 and similar diseases increases through innovation, capacity building, and demonstration and replication channels.

IFC's expected additionality through this Project is both financial and non-financial. On Financial Additionality, through its financing structure, the IFC's RSF under AMEF, and including with the support of IDA Private Sector Window (“PSW”), will provide a critical tool that will allow the Bank to mitigate the challenges it faces in terms of perceived and real risk in lending to HSMEs, by covering up to 50 percent of principal losses on all eligible loans that the Bank extends to this segment for medical equipment. On Non-financial Additionality, there will be two components: Non-commercial risk mitigation, including trusted partnerships. Given IFC’s countercyclical role in supporting HSMEs at a time when HSMEs are facing unprecedented demand for their services and financial institutions’ appetite is hampered by the economic downturn, successfully tackling complex issues of medical equipment financing in Côte d’Ivoire requires extensive partnerships between private sector players, which IFC, through its convening power, has initiated and will manage through the course of the AMEF, with blended concessional finance support from IDA19-PSW Blended Finance Facility (“BFF”) and the Global Financing Facility for Women, Children and Adolescents (“GFF”). The second component is Knowledge, innovation, and capacity building where the Bank will benefit from an integrated AS embedded in the RSF under AMEF which is complimentary for the facility and is intended to help the Bank better utilize the RSF facility and IFC will strengthen the Bank’s understanding of the healthcare sector, along with the relevant underwriting, processing, and risk management standards, while reinforcing the capacities of the HSMEs in terms of financial management and ability to make informed equipment purchase decisions.

E&S Category Rationale / Risks and Mitigation

The proposed investment consists of a risk sharing facility to BCICI, on a portfolio of eligible Healthcare Small and Medium Enterprise (SME) to finance the purchase of medical equipment and auxiliary services. As such, the portfolio supported under the RSF is expected to comprise business activities with limited adverse environmental and social risks or impacts that are few in number, generally site-specific, largely reversible and readily addressable through mitigation measures. The Project has been categorized as FI-2, in accordance with IFC's Environmental and Social Sustainability Policy. As part of the project, the Bank will be required to screen eligible SMEs against the IFC Exclusion List and national E&S laws and regulations in Cote d'Ivoire. Given the project is likely to support SMEs in low to medium risk sectors, the project is not expected to support Coal and Higher Risk Transactions that may include: a) involuntary resettlement, b) risk of adverse impacts on Indigenous Peoples, c) significant risks to or impacts on environment, community health and safety, biodiversity, cultural heritage, or d) significant Occupational Health and Safety risks. The main E&S risks and impacts of this project relate to the ability of BICICI to identify and manage the potential E&S risks and impacts associated with the lending activities to SMEs, as well as the bank's labor practices. The E&S risks and impacts associated with SME activities are typically low to medium environmental and social risks such as waste management, pollution prevention, labor and working conditions and occupational health and safety, etc. In relation to labor standards, the Bank has developed HR procedures generally in line with the requirements of IFC Performance Standard 2 on Labor and Working Conditions except for the absence of a formal employee grievance mechanism. The Bank is required to develop a formal internal grievance mechanism.

BICICI has an E&S management system (ESMS) applicable to the SME for assessing E&S risks and impacts associated with its lending activities, and a designated E&S officer. This ESMS was applicable to the eligible SMEs under a former RSF facility provided by IFC. The ESMS details the internal process steps for E&S risk management, including categorization, E&S due diligence, inclusion of E&S conditions into loan agreements, and monitoring. As part of this project, BICICI will be required to: (i) As part of this project, BICICI will be required to update the ESMS of the Bank including provisions to screen whether the SME's purchasing new medical equipment have appropriate arrangements in place to dispose of old medical equipment /devices, as many old medical devices may be exposed to bio-hazard contamination and (ii) provide an ESMS implementation report.

Contacts

For Inquiries About the Project, Contact

BICICI
Mr. Yao Gérard Kouadio
Responsable Stratégie Etudes et Veille
+225 27 20 24 24 24
yaogerard.kouadio@bnpparibas.com
Avenue Franchet d'Espérey 01 BP 1298 Abidjan Plateau, Côte d’Ivoire
https://www.bicici.com/

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Task Title & Description	Anticipated Completion Date
Update the ESMS	03/31/2023
ESMS implementation report	06/30/2023
Develop a formal internal grievance mechanism	06/30/2023

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