DCM ABI Bond (IFC-40243)

Regions
  • Africa
Where the impacts of the investment may be experienced.
Countries
  • Ivory Coast
Where the impacts of the investment may be experienced.
Specific Location
Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 15, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Atlantic Business International
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 27, 2019

Disclosed by Bank May 16, 2018


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Project Description

According to IFC website, the proposed project is to invest in a social bond to be issued by Atlantic Business International. The proceeds raised through the issuance of the social bond will be used to finance and/or refinance eligible social projects across ABI’s subsidiaries in Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo. The bond will be issued in accordance with IFC’s investment criteria and the Social Bond Principles, 2017 of the International Capital Market Association. The project's expected development impacts are: 

1. High Social Impact Financing: will support projects and activities that (i) support employment generation and better access to financial services through lending to micro, small and medium enterprises, including women-owned small and medium enterprises, or, (ii) provide better and more affordable access to essential services to low-income populations

2. Development of a social bond market: will promote more capital market financing to high social impact projects amongst issuers and investors. The development of the social bond market will provide an impetus to the development of the overall bond market which is a high developmental priority for IFC in Africa.

 

People Affected By This Project

- High social impact financing: The proposed investment will support projects and activities that (i) support employment generation and better access to financial services through lending to micro, small and medium enterprises, including women-owned small and medium enterprises, or, (ii) provide better and more affordable access to essential services to low-income populations.
- Development of a social bond market: Through its demonstration effect, the project will promote more capital market financing to high social impact projects amongst issuers and investors. The development of the social bond market will provide an impetus to the development of the overall bond market which is a high developmental priority for IFC in Africa.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Atlantic Business International is the central entity of Banque Atlantique group, a leading regional banking group present in 9 countries in west and central Africa. ABI employs over 1,600 people, manages around 700,000 customer accounts and has over 205 branches in the region. As of December 2017, ABI had total assets of US$6.1 billion and total shareholders’ equity of US$491 million. ABI is headquartered in Abidjan, Côte d’Ivoire.

Contact Information

Borrower: Atlantic Business International
Habib Kone, CEO
Contact No.: +225 2020 1010
Office Address: 01 BP 2311, Abidjan 01 Côte d’Ivoire
Website: www.banqueatlantique.net

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/