49308 - BOA DRC BCB RSF

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Summary of Investment Information

Project Number

49308

Company Name

BOA DRC & BCB RSF

Date SPI Disclosed

Mar 28, 2025

Country

Congo, Democratic Republic of

Region

Africa

Projected Board Date

Jun 28, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Jan 18, 2026

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Jun 28, 2024

Sector

Commercial Banking - SME Finance

Additional Project Attributes

Blended Finance

Project Description

The proposed project entails the provision of a 6-year Risk Sharing Facility (“RSF” or the “Facility”) in the amount of US$30 million to cover two Bank of Africa (“BOA”) subsidiaries in IDA and FCS countries – namely Bank of Africa Democratic Republic of Congo (DRC) and Banque de Credit de Bujumbura; together the Beneficiaries for a target portfolio of SME loans in the amount of up to US$60 million equivalent. Under this project, IFC will be supporting the expansion of this regional banking group’s SME lending across sub-Saharan Africa.

This project is expected to be processed under the BOA RSF Program (the Program), a programmatic approach to risk sharing which aims to enhance and strengthen the capacity of BOA participating affiliates for risk taking and financing of SMEs in eligible countries in Africa.

Associated Advisory Engagement

The project includes an Advisory Services (“AS”) engagement whereby IFC will provide targeted support to the two BOA Beneficiaries to strengthen their capacity to serve women SMEs (WSMEs). The AS will contemplate gender intelligence training including improvement in tracking WSMEs (i.e., baselining).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	30.0
Loan
Equity

Development Impact

Financing gaps to MSMEs in countries to be covered under this program are wide, although MSMEs are a major source of job creation. According to the MSME Finance Gap Report, the MSME finance gap in the two countries of interest and its proportion to GDP stand as follows: DRC (US$9.3 billion, 26% of GDP), Burundi (US$0.49 billion, 16% of GDP). MSMEs also face overly burdensome collateral requirements, partly reflecting the underdeveloped regulatory environment for credit provisioning. By providing the affiliates with medium-long-term financing for on-lending, the Project is expected to increase access to finance for SMEs. The team will further assess how the BOA DRC and BCB may target specific underserved groups, such as WMSMEs. Contribution to Market Creation: Competitiveness: BOA DRC and BCB are serving MSMEs with innovative and differentiated products and services. By helping to support scaling up of these MSME-focused business models, IFC expects that there may be a stronger demonstration effect in the market. During appraisal, IFC will document their MSME growth strategies, assess their competitive advantages in MSME finance, and determine how the Project may serve as demonstration to other banks in the target countries.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Outstanding Loans, SMEs	loans	Not Available	Not Available	Not Available
SME share of total loan portfolio	%	Not Available	Not Available	Not Available
Value of Outstanding Loans, SMEs	USDMill	Not Available	Not Available	Not Available
Number of Outstanding Loans, WomenOwned Smes	loans	Not Available	Not Available	Not Available
Value of Outstanding Loans, WomenOwned Smes	USDMill	Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Project entails a risk sharing facility to Bank of Africa Democratic Republic of Congo (BOA-DRC) and Banque de Credit de Bujumbura (BCB), two affiliates of Bank of Africa Group (BOA Group) to support lending to SMEs. The SME sectors supported by the banks primarily include trade, services, construction, and hotels and restaurants. The E&S risks and impacts associated with the supported SME activities are considered limited and readily addressed through mitigation measures. The overall portfolio risk is considered medium. Thus, the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy. The Project will not support coal-related activities, 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 respective affiliates will be required to screen eligible SME loans against the IFC Exclusion List and host country environmental and social laws and regulations. In addition, the affiliates 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 affiliates’ capacity to identify and manage the potential environmental and social risks associated with the SMEs supported under this transaction. These risks are typically associated with occupational health and safety, waste and wastewater management, resource utilization, and labor and working conditions, among others. BCB is an existing IFC client. The affiliates labor practices are generally aligned with IFC Performance Standard 2: Labor and Working Conditions. Both affiliates will need to develop employee grievance mechanisms and a sexual harassment policy. The affiliates’ life and fire safety protocols are aligned with life and fire safety requirements, but both subsidiaries will need to establish more formal protocols.

BOA Group has developed an E&S management system. The subsidiaries supported under the Project have adopted the BOA Group ESMS; however, BOA- DRC has yet to formally implement the updated Group procedures. 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. BOA- DRC and BCB have E&S Officers in place to support the implementation of the ESMS. As part of this project, BOA- DRC will be required to formally adopt and implement the BOA Group ESMS. BOA- DRC and BCB will need to deliver E&S risk management training to staff at the subsidiaries involved in the ESMS implementation.

S.no	Title	Anticipated Completion Date
1	Enhance the Environmental and Social Management System (ESMS)	07/25/2024
2	E&S risk management training	07/25/2024
3	Enhance human resources policies	01/25/2025
4	Formalize life and fire safety protocols	01/25/2025

Contacts

For Inquiries About the Project, Contact

BOA Group
Laura TRAN DUC MINH
Head of Investments
00212522585950
ltran@boaholding.com
Lot Mandarona, Lot n° 1, Immeuble Promoffice - 20270 Casablanca. Sidi Maarouf
www.bank-of-africa.net/

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