The proposed project entails the provision of a 5-year Risk Sharing Facility (“RSF” or the “Facility”) in the amount of US$60 million to cover ten Bank of Africa (“BOA”) subsidiaries in IDA and FCS countries – namely Bank of Africa Burkina Faso, Bank of Africa Cote d’Ivoire, Bank of Africa RDC, Bank of Africa Ghana, Bank of Africa Madagascar, Bank of Africa Mali, Bank of Africa Niger, Bank of Africa Senegal, Bank of Africa Tanzania, and Bank of Africa Togo, together the Participating Affiliates (“PAs”) for a target portfolio of SME loans in the amount of up to US$120 million equivalent.
Under this project, IFC will be supporting the expansion of this regional banking group’s SME lending across sub-Saharan Africa.
The project includes an Advisory Services (“AS”) engagement whereby IFC will provide targeted support to the 10 BOA Participating Affiliates to strengthen the bank’s capacity to serve SMEs. The Project will have three AS components, which support and complement the risk sharing program to enable the Group to unlock its SME growth potential in IDA/FCS countries. These include:
BOA is a leading regional financial services group based and operating in sub-Saharan Africa. The group was first incorporated in 1982 with its first operation established in Mali and has been building a pan-African banking franchise in 16 countries. BMCE, the third largest bank in Morocco, acquired 35% of the Group in 2008, hence becoming the largest and controlling shareholder. Six BOA subsidiaries are listed on BRVM, WAEMU’s stock exchange.
Mr. Abderrazzak Zebdani
Deputy Group CEO
+221 33 865 63 82
Immeuble Elan, Route de Ngor, Almadies, Dakar, Senegal
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