CAL Bank II (IFC-41047)

Countries
  • Ghana
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
U
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
Apr 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
CAL BANK LIMITED
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)
$ 50.00 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)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 23, 2019

Disclosed by Bank Mar 15, 2018


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Project Description

The proposed investment consists of a US$50 million senior loan for CAL Bank Ghana Limited (“CAL Bank” or the “Bank”), an indigenous bank established in 1990 and listed on the Ghana Stock Exchange. The Bank’s co-founders include the Commonwealth Development Corporation (CDC), African Growth Fund, Vanguard Assurance Company Limited and IFC, who held a 25% ownership stake in the Bank until it divested in 2007. The project will support CAL Bank’s lending to Small and Medium Enterprises (SMEs). Portions of the senior loan will be targeted at growing CAL Bank’s climate finance as well as its women in banking business. 









The proposed investment consists of a US$50 million senior loan for CAL Bank Ghana Limited (“CAL Bank” or the “Bank”), an indigenous bank established in 1990 and listed on the Ghana Stock Exchange. The Bank’s co-founders include the Commonwealth Development Corporation (CDC), African Growth Fund, Vanguard Assurance Company Limited and IFC, who held a 25% ownership stake in the Bank until it divested in 2007. The project will support CAL Bank’s lending to Small and Medium Enterprises (SMEs). Portions of the senior loan will be targeted at growing CAL Bank’s climate finance as well as its women in banking business.

Investment Description
  • International Finance Corporation (IFC)
Private Actors
  • CAL Bank -- Fund Manager

CAL Bank Ghana Limited (“CAL Bank” or the “Bank”), an indigenous bank established in 1990 and listed on the Ghana Stock Exchange. The Bank’s co-founders include the Commonwealth Development Corporation (CDC), African Growth Fund, Vanguard Assurance Company Limited and IFC, who held a 25% ownership stake in the Bank until it divested in 2007.

Contact Information

CAL Bank
Investor Relations
Tel: +(233) 302 685091
investorrelations@calbank.net
23 Independence Avenue P.O. Box 14596 Accra, Ghana
https://calbank.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/