47584 - SLGP NSIA CI RSF II

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Summary of Investment Information

Project Number

47584

Company Name

RSF SLGP NSIA CI

Date SPI Disclosed

Feb 9, 2024

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

Mar 11, 2024

Environmental Category

FI-2 - Limited

Status

Completed

Last Updated Date

May 10, 2025

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Jun 27, 2024

Sector

Commercial Banking - SME Finance

Additional Project Attributes

Blended Finance

Project Description

The proposed project is an unfunded Risk Sharing Facility (“RSF”) for a portfolio of credit facilities of up to XOF25 billion (c.US$41.4 million) originated by NSIA Côte d’Ivoire, where IFC’s exposure is up to 50 percent of the maximum portfolio. The purpose of this facility is to support the Bank’s financing of Very Small and Medium Enterprises (“VSEs” and “SMEs”) in Côte d'Ivoire.

Associated Advisory Engagement

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	20.68
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	Loans to SME Borrowers
Guarantee	Loans to Woman-Owned SMEs
Guarantee	Loans to VSEs

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

Development Impact

The Project has an AIMM rating of Good based on an AIMM score of 53. On an unadjusted basis (i.e., without likelihood factor), the full potential AIMM score could reach 64. The most significant expected project-level outcome is the increase in access to finance for SMEs operating in Cote d’Ivoire. This Project is part of a program of interventions that IFC has been pursuing with several FIs in Côte d’Ivoire with the intention of providing SME risk-sharing facilities to promote greater market competitiveness through demonstration and replication effect.

Financial Additionality: The IFC’s RSF under SLGP, with the support of IDA PSW , will continue to provide a critical tool that will allow NSIA CI to mitigate the challenges it faces in terms of perceived and real risk in lending to SMEs . The RSF will cover up to 50 percent of principal losses on all eligible loans that the Bank extends to this segment. IFC is uniquely positioned to structure this RSF in favor of NSIA CI given its solid track record of structuring projects in Côte d’Ivoire as well as in other IDA/FCS countries. Non-Financial Additionality: IFC’s AS is now focusing on the delivery of new SME-focused products to support the SME portfolio growth. As the main bank of the group, NSIA CI is also expected to cascade down to other subsidiaries of the group the lessons learned from interactions and AS projects with IFC, especially in the context of a recent reorganization whereby shared resources will be pulled at a newly created banking division within the group (audit, E&S, information systems). The AS team is also in early discussion with the Bank to develop its supply chain finance capability that will further its SME product delivery. This new AS project will cover (i) strategy and) business model definition, (ii) product programs, (iii) technology, and (iv) sales and onboarding.

E&S Category Rationale / Risks and Mitigation

The proposed project is an unfunded Risk Sharing Facility for a portfolio of credit facilities of up to XOF25 billion (c.US$41.4 million) originated by NSIA Côte d’Ivoire, where IFC’s exposure is up to 50 percent of the maximum portfolio. The purpose of this facility is to support the Bank’s financing of Very Small and Medium Enterprises in Côte d'Ivoire. The targeted portfolio is mainly exposed to sectors such as agriculture, manufacturing, trade and public administration activities. The targeted portfolio risks include a limited number of business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site specific, largely reversible, and readily addressed through mitigation measures (medium risk). Therefore, the project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy. The key E&S risks and impacts derive from the capacity of NSIA CI to identify and manage the potential environmental and social risks associated with its lending activities: labor and working conditions, Occupational Health and Safety, air emissions, waste management, production and handling of hazardous materials, and others. NSIA CI is an existing IFC client with a satisfactory E&S performance. NSIA CI’s labor and working conditions are generally in line with the requirements of PS2 on Labour and Working Conditions. The applicable requirements for this project are the IFC Exclusion List and applicable national environmental and social laws and regulations in Côte d’Ivoire. The Project will not support coal-related activities and palm oil that is not RSPO Certified, 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. As part of the Project, the Bank will be required to enhance its ESMS procedures, remain committed to applying the labor standards established by the IFC Performance Standard and submit a periodic report to IFC.

NSIA CI has E&S management system in line with IFC E&S requirements. A Board-approved E&S policy has been formally incorporated in the credit manual, which also includes tools and guidance. The bank's E&S review include IFC exclusion list screening, initial categorization based on sector and amount, ESDD through a specific questionnaire, assessing sub-clients against local E&S regulations, legal agreement E&S clauses, filing and monitoring. Although monitoring is indeed a component of the bank's E&S practices, the bank should strengthen its procedures to ensure that all incidents or accidents involving portfolio clients are effectively addressed. The bank has a dedicated E&S team integrated in the CSR/Quality management system department reporting to the director of planning and business support. The credit committee receives E&S reporting on a regular basis. A budget has been allocated for E&S capacity building included E&S trainings. For this project the bank is required to provide additional E&S training to staff

Title	Anticipated Completion Date
Staff Training	07/29/2024
Enhance ESMS	07/29/2024

Contacts

For Inquiries About the Project, Contact

NSIA Banque Cote d’Ivoire
Leonce Yace
Chief Executive Officer
+2252720330966
Leonce.yace@nsiabanque.com
01 B.P 1274 Abidjan 01
www.nsiabanque.ci

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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.

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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.

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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.

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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.

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