51206 - DCM PEPT ABS II

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Summary of Investment Information

Project Number

51206

Company Name

FCTC EPT

Date SPI Disclosed

Feb 18, 2026

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

Oct 10, 2025

Environmental Category

FI-2 - Limited

Status

Pending Disbursement

Last Updated Date

Feb 19, 2026

Department

Regional Industry - FIG Africa

Industry

Infrastructure

Previous Events

Approved : Oct 10, 2025
Signed : Oct 22, 2025

Sector

Distribution Business

Project Description

The proposed transaction consists of an investment of up to XOF15.8 billion (US$28.3 million eq.) in a new issuance of up to XOF60 billion (US$107.2 million eq.) asset-backed securities of FCTC EPT, a special purpose vehicle (the FCTC or SPV) and existing IFC client in Côte d’Ivoire (the Project). This would be IFC’s second investment in FCTC and would take the form of two Unfunded Risk Participations (URPs). IFC will provide i) a 100% URP covering up to XOF7.7 billion (US$13.7 million eq.) to Société Ivoirienne de Banque (SIB) to support its participation in the 10-year Tranche B, and ii) an 80% URP covering up to XOF8.2 billion (US$14.6 million eq.) to the Emerging Africa and Asia Infrastructure Fund (EAAIF) to support its participation in the 15-year Tranche C.

The Project will finance up to 606,702 connections (including 423,828 new) for low-income households, in addition to 405,000 financed under PEPT I (#46344). The SPV’s assets are receivables from low-income households originated and managed by Compagnie Ivoirienne d’Électricité, the national grid company corresponding to grid connection costs. As PEPT I, the issuance will be labeled a Social Bond,the second in the region.

Associated Advisory Engagement

No Advisory engagement is expected as part of this Project.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	56.55
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	Infra JV Projects
Guarantee	Infra JV Projects

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

Development Impact

IFC brings additionality by introducing an Innovative Financing Structure and by mobilizing other investors. Innovative financing structure: IFC will provide a long-term guarantee in a market where such instruments are not readily available. The proposed securitization vehicle is second of this kind in the WAEMU region and could be replicated to mobilize long-term local currency funding for infrastructure. Resource mobilization: IFC will play a catalytic role in mobilizing private sector investment by supporting the arranger to attract local institutional investors to Tranche A, and providing a long-term guarantee on up to 29.2 percent of the total issuance. By offering a guaranteeon tranches B and C, IFC will enhance investor confidence across all tranches, encouraging broader participation in the securitization.

Indicator	Metrics	Comments
Gross Value Added	USDMill

E&S Category Rationale / Risks and Mitigation

The investment is the second phase of the local currency bond issuance by a Fonds Commun de Titrisation de Créances, a regulated securitization special purpose vehicle to be domiciled in Côte d’Ivoire (“FCTC”, the “Issuer”). The SPV’s underlying assets are commercial receivables- from low-income households (the “Subscribers”), originated and managed by Compagnie Ivoirienne d’Electricité, the national grid company (“CIE” or the “Servicer”) (the “PEPT Receivables”) corresponding to grid connection costs (the “Receivables”). Proceeds from the Asset Backed Securities will be strictly tied to financing of grid connection to facilitate access to electricity for the unserved population. As such, the activities supported under this ABS is expected to comprise business activities with limited adverse environmental and social risks or impacts that are few in number, generally site-specific, largely reversible and readily addressable through mitigation measures. The Project has been categorized as FI-2, in accordance with IFC’s Environmental and Social Sustainability Policy. As part of the project, FCTC and PEPT will be required to screen the activities and operations of the servicer against the IFC Exclusion List and national E&S laws and regulations in Cote d’Ivoire. The Project will not support coal-related activities, forestry, mining, and / or higher risk business 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 main E&S risks and impacts of this project relate to the ability of FCTC and PEPT to identify and manage the potential E&S risks and impacts associated with the activities as well as enforce and coordinate with the servicer to manage these risks. The E&S risks and impacts associated with the project are typically low to medium environmental and social risks such as labor and working conditions, waste management and occupational health and safety, etc.

The issuer (FCTC PEPT) and the seller (PEPT Fund) are both SPVs created for the purpose of this project and therefore do not have employees nor E&S procedures. The PEPT fund contracted an external consulting firm with satisfactory E&S capacity to oversee the environmental and social management framework of the Servicer. The issuer is required to improve its E&S monitoring by putting in place a more E&S monitoring mechanism to make sure the recommendations from due diligence assessments are implemented and roles and responsibilities are clearer.

S.no	Title	Anticipated Completion Date
1	Develop an E&S monitoring Mechanism	10/17/2025

Contacts

For Inquiries About the Project, Contact

Fonds pour le Programm Electricité pour Tous
Mr Zahalo Silue
Président du Comité de Gestion

zsiloe@gmail.com
Primature, Boulevard Angoulvant Plateau 01 BP 1533 Abidjan 01Abidjan, Republic of Côte d’Ivoire
https://www.cie.ci/pept/le-mecanisme-de-financement-du-pept

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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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