BOA RSF (IFC-40553)

Countries
  • Burkina Faso
  • Congo, Democratic Republic of
  • Ghana
  • Ivory Coast
  • Madagascar
  • Mali
  • Niger
  • Senegal
  • Tanzania
  • Togo
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 26, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
BANK OF AFRICA GROUP SA
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 60.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents 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
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.
<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>
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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 

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/

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