49745 - DCM NSIA ABS 2

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Summary of Investment Information

Project Number

49745

Company Name

Fonds Commun de Titrisation de Creances NSIA Banque II

Date SPI Disclosed

Aug 1, 2025

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

May 13, 2025

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Aug 27, 2025

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : May 13, 2025
Signed : Aug 1, 2025
Invested : Aug 22, 2025

Sector

Commercial Banking - SME Finance

Project Description

The proposed transaction entails IFC being an anchor investor for up to EUR30.5 million (c. US$34.8 million or 40% of total issuance) in the Euro tranche of an asset-backed securities (ABS) issuance offered to the WAEMU regional securities market (Bourse Régionale des Valeurs Mobilières or BRVM) by NSIA Banque Côte d’Ivoire (NSIA CI or the Bank), an existing IFC client. The Bank established a Special Purpose Vehicle FCTC NSIA Banque, whose new compartment will raise up to US$87 million equivalent for on-lending to small and medium-sized enterprises (SMEs) in Côte d’Ivoire. This would be IFC’s second investment in the FCTC NSIA Banque and will help mobilize up to US$52.2 million equivalent via the XOF tranche from both local and international investors (the Project).

The Project is being processed under the SME Envelope of the MSME Finance Platform for operational efficiency: although it will not benefit from the associated 15% Pooled First Loss Guarantee provided by the IDA-20 IFC-MIGA Private Sector Window's Blended Finance Facility (IDA-PSW's BFF) as Côte d’Ivoire is not an IDA-PSW eligible country, the Project benefited from Board delegated authority. By refinancing part of its retail and SME loan portfolios, the Project will provide NSIA CI (a) an alternate source of long-term funding to help expand its SME lending, (b) an increased capacity to originate new SME loans and support the growth of the local economy and (c) capital optimization by moving high risk-weighted assets off balance sheet.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	34.65
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
Straight Senior Loan	Loans to SME Borrowers

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

Development Impact

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 is pursuing with several FIs in Côte d’Ivoire. The program seeks to address the market-wide challenges of information asymmetry between SMEs and FIs and the resulting perception of high risk that persists for the lenders.

IFC brings financial additionality by introducing an Innovative Financing Structure and by mobilizing other investors. Innovative Financing Structure: IFC will provide long-term hard currency funding to NSIA CI through this transaction in a region where longer-term financing for private entities is scarce or prohibitively costly. The Euro funding also accommodates IFC as Côte d’Ivoire is no longer eligible for the International Development Association Private Sector Window’s Local Currency Facility (IDA PSW’s LCF). The FX risk at the SPV level will be partially mitigated since there is a fixed peg between the local currency, XOF, and the Euro. Resource mobilization: As an anchor investor in the public placement of the ABS, IFC’s investment will crowd-in local and international private sector investors that may have otherwise not participated in the Project.

Indicator	Metrics	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Outstanding Loans, SMEs	number	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment
SME share of total loan portfolio	%	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment
Value of Outstanding Loans, SMEs	USDMill	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment
Number of Outstanding Loans, SMEs	loans	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment
Value of Outstanding Loans, SMEs	$	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment

E&S Category Rationale / Risks and Mitigation

The proposed transaction consists of an anchor investment in the Euro tranche of a new compartment of an asset backed securities (ABS) issuance of the FCTC NSIA Banque, a special purpose vehicle (SPV) and existing IFC client, in Côte d’Ivoire. The proceeds of the securitization are earmarked for lending to small and medium-sized enterprises (SMEs). The targeted portfolio is mainly exposed to sectors such as manufacturing, trade, construction, services, agriculture, real estate activities, transport; and financial services. 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. 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.
For this project, NSIA CI will be required to have the capacity and a system in place to identify and manage the potential environmental and social risks associated with financing to SME clients. As such it will need to screen the eligible SMEs against the IFC Exclusion List and Cote d’Ivoire E&S laws and regulations.
The Project will not support coal, forestry, and mining, and higher E&S risk activities that may include: (i) involuntary resettlement; (ii) risk of adverse impacts on indigenous peoples; (iii) significant risks to or impacts on the environment, community, health and safety, biodiversity or cultural heritage; (iv) retrenchment; or (v) significant occupational health and safety risks (e.g., risk of serious injury or fatality to workers). The project will not support palm oil that is not RSPO Certified Sustainable Palm Oil (CSPO).
NSIA will also be required to meet Life & Fire safety requirements and the requirements of IFC’s Performance Standard 2 on Labor and Working conditions. NSIA CI’s HR policies and practices are largely in line with IFC's Performance Standards 2 on Labor and Working conditions.

At present NISA CI is in the process of rolling out an Environmental and Social Management System (ESMS) which was reviewed and deemed satisfactory by IFC. NSIA CI has developed an ESMS which was ratified in January 2020 and then regularly updated (most recent version is dated 2024). It includes reference to the IFC exclusion list, host country laws and the IFC Performance Standards. The bank has also nominated E&S staff responsible for the implementation of the E&S process and provided E&S training. As part of this investment, the bank will be required to apply the ESMS to the entire bank’s SME sector to ensure that all SMEs are in compliance with the applicable environmental and social requirements. NSIA CI’s human resources policies and procedures were found to be overall in line with IFC Performance Standard 2 on Labor and Working Condition.

Contacts

For Inquiries About the Project, Contact

NSIA Banque Côte d’Ivoire
Mariette Séka ANE
Head of Investor Relations
+225 27 203 309 66
mariette.seka@nsiabanque.com
01 B.P 1274 Abidjan
http://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.

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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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