BOA RSF (IFC-40553)

Countries
  • Burkina Faso
  • Congo, Democratic Republic of
  • Ghana
  • Ivory Coast
  • Madagascar
  • Mali
  • Niger
  • Senegal
  • Tanzania
  • Togo
Where the impacts of the investment may be experienced.
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
Mar 26, 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
BANK OF AFRICA GROUP SA
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)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 120.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 21, 2019

Disclosed by Bank Feb 22, 2018


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Project Description

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:

  1. Operational implementation
  2. Pipeline development and
  3. Capacity building support..
Investment Description
  • International Finance Corporation (IFC)
<div>The proposed RSF will be up to US$60 million and will cover 50% of the credit risk taken by the 10 PAs on portfolios of SME facilities which can amount to up to US$ 120 million equivalent in aggregate.</div>
Private Actors

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.

Contact Information

BOA Group 
Mr. Abderrazzak Zebdani 
Deputy Group CEO 
+221 33 865 63 82 
azebdani@boaholding.com 
Immeuble Elan, Route de Ngor, Almadies, Dakar, Senegal 
www.bank-of-africa.net 

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