25610 - AMSME Banco Comercial e de Investimentos, S. A. R. L.

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Summary of Proposed Investment

Project Number

25610

Company Name

BANCO COMERCIAL E DE INVESTIMENTOS, S.A.

Date SPI Disclosed

Dec 10, 2007

Country

Mozambique

Industry

Financial Markets

Projected Board Date

Jan 11, 2007

Status

Completed

Sector

Commercial Banking - Microfinance and Small Business

Department

Global Industry, Financial Markets

Environmental Category

Previous Events

Approved : Apr 14, 2009
Signed : Sep 16, 2008
Invested : Mar 20, 2009

Project Description

The project is to provide a subordinated loan (the Loan) of up to $8.5 million to Banco Comercial e de Investimentos, SARL (BCI Fomento or the Bank) as part of the Africa Micro, Small and Medium Enterprise (MSME) Finance Program.

The program is an institution-building initiative designed to accelerate the transfer of know-how to banks serving micro, small, and medium enterprises in sub-Saharan Africa. This will be accomplished by providing a parallel package of IFC financing and technical assistance to an eligible group of partner banks, including BCI Fomento.

BCI was incorporated in January 1996 as a limited liability joint stock company. Today, BCI Fomento is a leading private sector commercial bank in Mozambique with about 20% of the banking sector’s assets, 24% of customer deposits, and 28% of credit (net). Through the bank’s 43 branches, BCI offers a wide range of financial services to corporates and individuals across the country.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	200.0
Equity

Development Impact

Under the Africa MSME Finance Program, this project will enable BCI to:

- improve its offering to MSMEs;
- improve the quality of the portfolio and its efficiency ratio by developing lending techniques better suited to large volume-MSME lending; and
- increase the level of diversification of its MSME loan portfolio both in terms of sector and region, investing outside Maputo and Nampula, where its portfolio is currently concentrated.

The project will allow BCI to provide much needed financing for MSMEs and will result in an increase in the volume and number of loans to MSMEs. It will also contribute to the deepening of the financial sector in Mozambique.

IFC’s role in the project is:

- to strengthen BCI’s capital base to enable the Bank to diversify its customer base and develop an MSME financing program that would not otherwise be available in Mozambique, thereby catalyzing the expansion of credit availability to MSMEs;
- to help demonstrate the viability and encourage the development of MSME lending in countries like Mozambique where there is still a market gap that impedes sustainable economic growth.

This project involves IFC support for the business of MSME finance and has been classified as a Category FI project according to IFC’s Environmental and Social Review Procedure. Considering the nature of activities supported, the project will be required to:

- Develop an Environmental & Social Management System (ESMS) relevant to its business process prior to disbursement, that is satisfactory to IFC, and that ensures that all its investments are screened and processed to avoid supporting activities on the IFC exclusion list and that ensures that its corporate projects are in compliance with the applicable National Environmental and Social Laws and regulations.
- Demonstrate commitment and resources to implementing the ESMS, and take action to remedy any gaps in implementation on an ongoing basis.
- Designate appropriate individuals who will have responsibility for implementation of the ESMS.
- Submit a periodic report to IFC as per a format to be provided by IFC.

Contacts

For Inquiries About the Project, Contact

Dr. Manuel Soares
Head of Treasury
BCI Fomento

AV.ª 25 de Setmebro 1465
Caixa Postal 4745

Tel. 00258 21353700
Fax. 00258 21313009

E-mail: msoares@bci.co.mz

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
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This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

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.

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