50110 - SLGP RSF SIB III

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

50110

Company Name

SIB SME RSF III

Date SPI Disclosed

Apr 8, 2025

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

Dec 20, 2024

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Nov 19, 2025

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Dec 20, 2024
Signed : Dec 27, 2024

Sector

Commercial Banking - SME Finance

Additional Project Attributes

Blended Finance

Project Description

The proposed investment consists of an unfunded risk sharing facility (RSF) to be provided to Société Ivoirienne de Banque (SIB or the Bank), the 3rd largest bank in terms of loans in Côte d’Ivoire, as of June 2024, and an existing IFC client, for a maximum IFC exposure of up to XOF6 billion (or US$10 million equivalent) to cover 50 percent of the principal losses on an up to XOF12 billion (or US$20 million equivalent) portfolio of loans to small and medium enterprises (SMEs), including women-owned/led SMEs (WSMEs), to be originated by the Bank. A gender carve-out of 25% is expected. (the Project).

Associated Advisory Engagement

The Project is expected to be complemented by an SME Advisory Services (AS) program to strengthen SME lending in the Bank. The AS program will provide RSF-related training and capacity building component to ensure optimal utilization of the facility and adequate reporting.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	9.66
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 MSME (mix of Micro and SME)
Guarantee	Loans to Woman-Owned SMEs

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, including WSMEs operating in Côte d’Ivoire. This Project is part of a program of interventions that IFC has been pursuing with several Financial Institutions in Côte d’Ivoire with the intention of providing SME risk-sharing facilities to promote greater market competitiveness through demonstration and replication effect.

IFC’s additionality through this Project is both financial and non-financial. Financial additionality is provided through a financing structure where IFC will provide an RSF envelope that will cover up to 50 percent of the SME portfolio risk taken by SIB. Non-financial additionality will be provided through an AS program aimed at strengthening the Bank’s lending capabilities to SMEs and WSMEs, segments that are perceived as relatively high risk.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Number of Outstanding Loans, SMEs	loans		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The project consists of an unfunded Risk Sharing Facility (RSF) that will enable increased access to finance to underserved Micro, Small & Medium Enterprises (“MSMEs”) and unserved Women-owned and led SMEs (“WSMEs”) in Cote d’Ivoire. The MSME sectors supported by the Bank include trade; water and sanitation; information and communication; Transport and storage; Agriculture, forestry, fishing among others. The E&S risks and impacts associated with the supported MSME 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 Bank will be required to screen eligible MSME loans against the IFC Exclusion List and local environmental and social laws and regulations. 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 ability of SIB to identify and manage the potential environmental and social risks associated with the MSMEs supported under this transaction. These risks are typically associated with occupational health and safety, waste and hazardous waste management, and air emissions, among others. The labor practices at SIB are generally aligned with IFC Performance Standard 2: Labor and Working Conditions. However, SIB will be required to strengthen its HR policies by developing an employee grievance mechanism.

SIB has an ESMS that meets IFC’s E&S requirements (screening against the Exclusion List and against applicable national E&S laws and regulations) for SMEs. This was finalized on 11 August 2014 and includes the necessary procedures of assessing E&S risk related to SMEs. The ESMS was modified in May 2015 to reflect the additional requirements set up in the context of the Risk Sharing Facility involving Cargill (effective September 2015) and providing leasing for trucks for eligible cocoa cooperatives. The ESMS is considered satisfactory. However, the ESMS implementation needs improvements. Specifically, the Bank should ensure that all relevant sections of the E&S forms are completed, provide supporting evidence to corroborate findings, and provide recommendations to guide E&S issues and aspects that require monitoring. SIB has an assigned E&S officer. SIB had an E&S training of trainers in 2022. However, this training has not been extended to other staff members. Relationship mangers are involved in the E&S monitoring process and are required to follow up with clients. The latter are required to sign the agreement on the action plan. As part of this project, SIB will be required to: 1) Provide an E&S training plan; 2) Provide an E&S training to its staff involved in the implementation of the ESMS; 3) Develop and implement an employee grievance mechanism.

S.no	Title	Anticipated Completion Date
1	E&S Training Plan	01/15/2025
2	E&S Training	04/15/2025
3	Enhance HR policies and procedures in line with IFC Performance Standards 2	07/15/2025

Contacts

For Inquiries About the Project, Contact

Societe Ivoirienne de Banque
Bakary Yeo
Director
+225 20 20 00 15
bakary.yeo@sib.ci
34 bd Republique, Immeuble Alpha 2000
https://sib.ci/

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

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.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

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.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

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.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Investment Information

Project Description

Associated Advisory Engagement

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Associated Advisory Engagement

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Blended Finance

IFC's Investment as Approved by the Board

FIG Use of Proceeds/Beneficiaries

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

Governance Risk Assessment

IFC's Role and Additionality

Development Results

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer