47454 - Africa Agriculture Accelerator Program

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Summary of Investment Information

Project Number

47454

Company Name

AGCELERANT

Date SPI Disclosed

Jan 10, 2023

Country

Africa Region

Region

Africa

Projected Board Date

Feb 9, 2023

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Dec 24, 2025

Department

Regional Industry - FIG Africa

Industry

Agribusiness and Forestry

Previous Events

Approved : Feb 22, 2023

Sector

Grains and Beans

Additional Project Attributes

Blended Finance

Project Description

The proposed Project entails an 8-year Risk Sharing Facility (the “RSF”) with IFC guaranteeing the credit risk of Bank of Africa Senegal (the “Bank”) for up to US$7.2 million in XOF equivalent, on a portfolio of loans from the Bank to eligible Very Small, Small and Medium Enterprises (“VSMEs”), Cooperative, smallholder farmers in the rice value chain in Senegal (the “Country”), of up to US$8.0 million in XOF equivalent. Such loans shall be originated via agCelerant, an agri-tech company based in Senegal, which aggregates smallholder farmers into an organized value chain utilizing its proprietary agency network to profile farmers, provide necessary inputs and capacity training, and a secured off-take for the rice production.

The Project is expected to be supported by the Private Sector Window of Global Agriculture and Food Security Program (“GAFSP”), a multilateral program financed through contributions by several governments administered by IFC, in its capacity as implementing entity, to support agriculture-related projects in developing countries.

Associated Advisory Engagement

The Project includes two Advisory Services (“AS”) engagements: IFC will provide targeted support to the Bank to enhance its utilization of the proposed RSF. IFC will also work with farmers on agronomy and capacity building via the AgCelerant Academy.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	7.20
Loan
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	Agri Finance

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

Development Impact

The most significant expected project-level outcome is the expansion of access to finance for the VSMEs, cooperatives and farmers producing rice, which would help improve food security for the Country. IFC anticipates that the Project will increase access to finance for c. 5,000 VSMEs by providing the Bank with an efficient and competitive risk mitigating tool to accept a higher degree of lending risk. IFC anticipates that the RSF will enable the Bank to sustainably increase its agri-portfolio risk profile.

IFC's expected additionality in this Project is both financial and non-financial: i) IFC, through the Project, will improve access to finance for farmers, as well as support food self-sufficiency in the Country, and ii) IFC will extend non-financial additionality through advisory services aimed (a) at strengthening the lending capabilities of the Bank and (b) working with various development partners in the West Africa rice value chain to build the production capacity of farmers.

E&S Category Rationale / Risks and Mitigation

The Project entails a risk sharing facility (RSF) on a portfolio of eligible VSMEs and cooperatives originated via agCelerant, an agtech company based in Senegal, to finance agri-inputs and mechanization for rice farmers and cooperatives as well as capex needs of off-taking rice mills. The E&S risks and impacts associated with the supported activities are considered limited and readily addressed through mitigation measures. The overall portfolio risk is considered medium-high. Thus, the Project has been categorized as FI-2 in accordance with IFC's Sustainability Policy. The Project will not support coal-related activities, activities in Key Biodiversity Areas or Protected Areas, or higher risk business activities that may include: 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. For this investment, the Bank will be required to screen eligible VSMEs and cooperative loans against the IFC Exclusion List, host country environmental and social laws and regulations, and screening on labor and working conditions and biodiversity. In addition, the Bank will be required to meet Life and Fire Safety requirements and the requirements of IFC's Performance Standard 2 on Labor and Working Conditions. The key E&S risks and impacts derive from the Bank's capacity to identify and manage the potential environmental and social risks associated with the VSMEs and cooperatives supported under the Project. These risks are typically associated with biodiversity impacts, occupational health and safety, waste and wastewater management, and labor and working conditions, including child labor, among others.

The Bank is an existing IFC client. The Bank has adopted the Bank of Africa Group E&S management system. The ESMS describes the E&S assessment process steps required in the loan review process to identify, assess, manage, and monitor the E&S risks associated with each transaction. The ESMS requires screening transactions against the BOA Group Exclusion List, national E&S laws and regulations, and the IFC Performance Standards (as applicable). 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. The Bank has designated an E&S Officer responsible for supporting the implementation of the ESMS. The Bank's human resources policies and procedures are aligned with Performance Standard 2 on Labor and Working Conditions. However, the Bank's E&S risk management procedures do not have specific protocols for agricultural activities, including primary production. As part of this project, the Bank will be required to develop bespoke E&S risk management procedures for the loans guaranteed under the Project, including: 1) criteria for screening rice production activities in Protected Areas or Key Biodiversity Areas; 2) criteria for assessing child labor risk; 3) assessment criteria for key E&S risks related to agricultural activities; 4) E&S monitoring procedures; and 5) E&S clauses for inclusion into facility agreements. In addition, the Bank will need to deliver E&S risk management training focused on the E&S risks and impacts related to agricultural activities for Bank staff and partners involved in the ESMS implementation.

Contacts

For Inquiries About the Project, Contact

BOA Senegal
Mohamed Amine Ellakhdi
Deputy General Manager
+221774327722
maellakhdi@boasenegal.com
Immeuble Elan, Route de Ngor, Zone 12 Almadies. BP 19992 RP, Dakar, Senegal.
www.boasenegal.com

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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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Task Title & Description	Anticipated Completion Date
Staff Training	02/09/2023
Enhance ESMS	02/07/2023

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