Summary of Proposed Investment
Project Number
3915
Company Name
Societe Generale de Credit Automobile, S.A.
Date SPI Disclosed
Sep 25, 1995
Country
Senegal
Industry
Financial Markets
Status
Completed
Sector
Leasing Services
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Nov 1, 1993
Signed : Feb 1, 1994
Invested : Jun 23, 1994
Project Description
Summary Of Project Information (SPI)
| Project Name | Senegal-Societe Generale de Credit Automobile (SOGECA) |
| Region | Sub-Saharan Africa |
| Sector |
Projected Board DateOctober 27, 1995
Company NameSOGECA
Technical Partner and/or Major Shareholders
Sogeca is a Senegalese leasing company in which IFC acquired a 20% equity stake in FY94. Other shareholders are a large Senegalese commercial bank, Compagnie Bancaire de l’Afrique Occidentale (CBAO) (33%) and Proparco (20%).
Project Cost Including proposed IFC investment
The total project cost is CFAF1.2 billion (approximately US$2.4 million equivalent).
Proposed IFC investment: CFAF600 million (approximately US$1.2 million equivalent)
Location of project and Description of site
Dakar, Senegal
Description of Company and Purpose of Project
The proposed facility will replace an undrawn FF6 million Availability Letter Agreement that was approved in conjunction with IFC’s equity investment in October 1993. Sogeca is a dynamic Senegalese leasing company, in which IFC acquired a 20% equity stake in FY94. IFC is invited to make available a local currency guarantee facility in the amount of CFAF600 million to facilitate the raising by Sogeca of a FCFA-denominated medium-term loan made available by a Malian bank. It is envisaged that this loan will close the duration gap in Sogeca’s assets and liabilities.
Environmental Category and Issues
This is a Category “C” project according to IFC’s environmental review procedures, and as such does not require further environmental evaluation.
The is from the Public Information Center.
| Date SPI sent to PIC | September 25, 1995 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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