CI Housing Prog (IFC-41841)

Countries
  • Ivory Coast
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
U
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 7, 2019
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
COTE D'IVOIRE HOUSING
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 Amount (USD)
$ 100.00 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)
$ 100.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jan 30, 2019

Disclosed by Bank Jan 28, 2019

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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 investment is a program of up to US$100 million equivalent to support the construction and commercialization of affordable houses in Côte d’Ivoire. The Program will provide funding to banks for on-lending to selected housing developers and homebuyers and will be executed in two phases. For Phase 1, IFC has identified two participating banks, namely Banque Atlantique Côte d’Ivoire (BACI) and Société Ivoirienne de Banque (SIB), with a total financing package of US$60 million.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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.

BACI, currently the largest subsidiary of Atlantic Business International (“ABI”), was established in October 1978. It was a standalone bank until 2009, when BACI merged with COBACI then owned by the same shareholders. ABI owns a 98.9% stake in BACI. ABI’s main shareholders are: Banque Centrale Populaire (BCP) Morocco - 68.3%, Development Partners International (DPI) -  20.2% and Atlantic Financial Group (AFG) - 11.5%. Currently, ABI is present in ten countries in Sub-Saharan Africa.

SIB was established in 1962 as a subsidiary of Credit Agricole SA (France). In 2009, Attijariwafa Bank (Morocco) bought out Credit Agricole and took control of SIB.  The bank is listed on the regional stock exchange, BRVM, in Abidjan. The bank’s largest shareholders are: Attijariwafa Bank (75%), Government of Côte d’Ivoire (5%).  The remaining 20% represents the floating and is held by small investors.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Banque Atlantique Côte d’Ivoire Client -
- - - - Société Ivoirienne de Banque Client -

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.

BACI and SIB 
Najoua Abdelmoumen (abdelmoumen.najoua@banqueatlantique.net) and Bakary Yeo (bakary.yeo@sib.ci) 
Deputy Managing Director and Head of Corporate Banking 
+225 20 31 59 50 and +225 20 20 00 10 

BACI - Immeuble Atlantique, Avenue Noguès Plateau and SIB - 34 bd Republique, Immeuble Alpha 2000 
https://www.banqueatlantique.net/civ/ and http://www.sib.ci/ 

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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How it works