The level of concessionality (i.e., “subsidy”) provided by the blended concessional finance co-investment is estimated to be approximately 2.5% of the total project cost. The total cost of the project is €10.1 million. This estimate is based on the difference between (i) a “reference price” (either a market price if available; the price calculated using IFC’s pricing model, which comprises three main elements: risk, cost and profit; or a negotiated price) and (ii) the “concessional price” being charged by the blended concessional finance coinvestment. As is the case with all of IFC’s blended concessional finance co-investments, this project has been assessed against the Enhanced Blended Concessional Finance Principles for DFI Private Sector Operations adopted by IFC and more than 20 other DFIs in 2017. Further information on these Enhanced Principles, IFC’s blended finance approach and governance, and historical information on estimated subsidy levels in IFC’s blended finance portfolio can also be found at: www.ifc.org/blendedfinance.

10.74 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	10.74
Equity

* These investment figures are indicative

The most significant, expected project-level outcomes are stakeholder effects on tenants through increased access to high-quality warehouses. The Project is expected to increase the Grade A warehousing and storage space for rent in Cameroon, Chad, and CAR. This expansion will effectively address the shortage of high-quality warehousing infrastructure in these countries. Additionally, the project is expected to create jobs and add economic value through collaboration with local suppliers and a commitment to employing the local workforce. The Project is also expected to promote greater competitiveness and integration in the target countries’ warehousing and storage sector. By supporting a new player in the small-scale warehousing segment entering FCS markets, the Project will generate significant demonstration effects, promoting greater interest and competition in these countries. Integration between the target countries and the rest of the world will also be stimulated.

Financial additionality - Financing structure: IFC will provide long-term financing through an A loan of up to EUR 7.5 million, with an 8-year tenor including a 2-year grace period, which is not readily available in the target markets. In Central Africa, the average loan tenor is approximately six years, and over the past year, there have been no EUR-denominated syndicated loans or corporate bonds rated B+/- issued in Cameroon, Chad, or the Central African Republic (CAR). Additionally, there have been no EUR corporate bond issuances or syndicated loans in the services sector across these countries during the same period. The proposed financing structure will therefore better match the cash flow needs of the Group’s subsidiaries in Cameroon, Chad, and Central Africa Republic, and allow reasonable time to develop and ramp up the storage and handling business. Non-financial additionality - Non-commercial risk mitigation: IFC’s strong market reputation, ability to identify viable projects, and convening power will be instrumental in structuring and de-risking this initiative, thereby instilling confidence in Catramp regarding its successful realization. The project aims to facilitate the client’s entry into conflict-affected countries like Chad and the CAR, where heightened risk perceptions currently diminish investor confidence. Chad faces significant security challenges due to ongoing conflicts, while CAR's political volatility is intensified by the concentration of power within a small elite, exacerbating ethnic tensions and perceptions of social exclusion. IFC will guide Catramp SA in navigating these complex environments, helping to mitigate associated risks, and enhancing the likelihood of project success. This strategic guidance, combined with IFC’s thorough due diligence and meticulous project structuring, will offer reassurance, empowering the client to launch operations with confidence and optimize their investment potential.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Space : Warehouse	sqm	Douala (Cameroon)	Not Available	Not Available	Not Available

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.