46659 - AMEF RSF BBGCI

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

46659

Company Name

AMEF RSF Bridge Bank Group Ivory Coast

Date SPI Disclosed

Apr 3, 2023

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

May 30, 2023

Environmental Category

FI-2 - Limited

Status

Pending Signing

Last Updated Date

Apr 4, 2023

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Nov 19, 2020

Sector

Commercial Banking - SME Finance

Additional Project Attributes

Blended Finance

Project Description

A risk sharing facility (“RSF”) covering a maximum portfolio of up to XOF10 billion (approximately US$16 million equivalent), where IFC’s maximum exposure is up to 50% of the maximum portfolio, to be committed in two equal tranches. The proposed RSF is to support the Bank’s portfolio related to access to finance for healthcare SMEs (“HSMEs”) to acquire medical equipment in Côte d’Ivoire and Senegal and is proposed to be processed under the IFC’s Africa Medical Equipment Facility (“AMEF”) program, which is supported by the IDA19 IFC-MIGA Private Sector Window Blended Finance Facility (“the AMEF RSF Project”).

Associated Advisory Engagement

The accompanying Advisory Service (“AS”) offering under AMEF includes complementary advisory support organized around two pillars: (i) reporting training to equip BBGCI to meet quarterly and annual reporting requirements under the facilities, and (ii) operational implementation support to assist BBGCI to integrate the risk mitigation product into its systems and procedures for immediate execution.

Sponsor / Cost / Location

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

IFC’s expected additionality through this Project is both financial and non-financial. - On Financial Additionality, IFC through its financing structure, the IFC's RSF under AMEF, and including 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% 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: (i) Non-commercial risk mitigation, including trusted partnerships. Successfully tackling complex issues of medical equipment financing in Côte d’Ivoire and in Senegal requires extensive partnerships between private sector players, which IFC, through its convening power, has initiated and will manage through the course of the Program, with blended concessional finance support from IDA19-PSW BFF. And (ii) Knowledge, innovation, and capacity building, where IFC through its advisory services to BBGCI will strengthen the bank’s understanding of the health sector and underwriting standards, processing, and risk management. It will also reinforce HSMEs’ capacities including financial management and the ability to make informed equipment purchase decisions.

E&S Category Rationale / Risks and Mitigation

The proposed investment consists of a risk sharing facility to BGGCI, on a portfolio of eligible Healthcare SMEs to finance the purchase of medical equipment. 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 addressed through mitigation measures. The Project has been categorized as FI-2, in accordance with IFC's Environmental and Social Sustainability Policy. The Project will not support coal-related activities 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 key E&S risks and impacts of this Project relate to the ability of BGGCI to identify and manage the potential E&S risks and impacts associated with its financing of purchase of equipment by Healthcare SMEs. These typically include occupational health and safety, pollution prevention, waste management, labor and working conditions issues, among others. The Bank's HR practices are largely aligned with the requirements of the IFC Performance Standard 2 except for the absence of an employee grievance mechanism. The Bank follows the local labor laws on the prohibition of discrimination, and harassment in the workplace. These topics are not sufficiently addressed in the Bank's HR policies and procedures. For this project, BBGCI will be required to screen the eligible loans against the IFC Exclusion List and local environmental and social laws and regulations. In addition, the Bank will be required to meet Life & Fire safety requirements and the requirements of IFC's Performance Standard 2 on Labor and Working conditions. The Bank will also be required to update its HR policies and procedures to address equal opportunities and non-discrimination, harassment, freedom of association and establish an employee grievance mechanism to be in line with the requirements of the IFC Performance Standard 2 on Labor and Working Conditions.

BBGCI currently have no Environmental and Social Management System (ESMS) in place. As part of this project, the BBGCI will be required to develop and implement an ESMS to screen all eligible loans supported under the risk sharing facility against the IFC exclusion list and the applicable environmental and social requirements, provide E&S risk management training to bank staff involved in the ESMS, and appoint an officer responsible for overall implementation of the ESMS, and provide evidence of ESMS implementation.

Contacts

For Inquiries About the Project, Contact

Bridge Bank Group Côte d’Ivoire
Mr. Ehouman KASSI
Chief Executive Officer
+225 27 20 25 85 58
Ehouman.kassi@bridgebankgroup.com
01 B.P. 13002 ABIDJAN 01
www.bridgebankgroup.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
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.

Task Title & Description	Anticipated Completion Date
Nominate officers	11/30/2023
Establish SEMS	11/30/2023
Staff Training	12/15/2023
Submit an ESMS implementation report	12/15/2023
HR policies and procedures	06/30/2024

Projects

Summary of Investment Information

Project Description

Associated Advisory Engagement

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Associated Advisory Engagement

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Blended Finance

FIG Use of Proceeds/Beneficiaries

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer