CI Housing Prog (IFC-41841)

Countries
  • Ivory Coast
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
Mar 7, 2019
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
COTE D'IVOIRE HOUSING
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 Amount (USD)
$ 100.00 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)
$ 100.00 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 30, 2019

Disclosed by Bank Jan 28, 2019


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Project 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
  • International Finance Corporation (IFC)
Private Actors
  • Banque Atlantique Côte d’Ivoire -- Implementing Company
  • Société Ivoirienne de Banque -- Implementing Company

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.

Contact Information

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/