Summary of Proposed Investment
Project Number
4939
Company Name
BANK OF AFRICA COTE D'IVOIRE
Date SPI Disclosed
Feb 23, 1996
Country
Cote D'Ivoire
Industry
Financial Markets
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
C - No Impact
Previous Events
Approved : Jun 27, 1996
Signed : Feb 11, 1999
Invested : May 20, 1999
Project Description
Summary Of Project Information (SPI)
| Project Name | Côte d’Ivoire- Bank of Africa-Côte d’Ivoire (BoA-CI) |
| Region | Sub-Saharan Africa |
Sector
Project No004939
Projected Board DateMarch 28, 1996
Company NameBank of Africa-Côte d’Ivoire (BoA-CI)
Technical Partner and/or Major Shareholders
The technical partner is Bank of Africa-Benin (BoA-B), a well managed and the largest commercial bank in Benin. The major shareholders are: AFH, a holding incorporated in Luxembourg and owned by a group of African and French enterpreneurs (40%); BoA-B (15%); IFC (15%); other local shareholders (25%).
Project Cost Including proposed IFC investment
The total cost of the project is US$3.5 million. IFC is asked to participate in a capital increase of the revamped commercial bank for an amount of US$500,000 equivalent, which would give IFC an equity stake of up to 15% of the shareholding. IFC is also requested to provide BoA-CI with a local currency guarantee facility of up to CFA 1.5 billion (US$3 million equivalent).
Location of project and Description of site
Abidjan, Côte d’Ivoire
Description of Company and Purpose of Project
The project involves IFC participating in the acquisition, restructuring and expansion of an Ivorian commercial bank (BoA-CI). IFC is asked to participate in a capital increase of the revamped commercial bank for an amount of up to US$500,000 equivalent), which would give IFC an equity stake of up to 15% of the shareholding. The project will help BoA-CI to raise medium-term resources to expand its term finance activities without being exposed to a foreign exchange risk.
Environmental Category and Issues
This is an environmental review category C project and therefore no further environmental review is required.
| Date SPI sent to PIC | February 23, 1996 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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