Pamoset RSF (IFC-41979)

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
Nov 24, 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
Pamoset RSF
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)
$ 30.00 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)
$ 45.00 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 Nov 12, 2019

Disclosed by Bank Oct 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 consists of up to US$30 million unfunded risk sharing facilities with two participating financial institutions, Société Ivoirienne de Banque S.A. (“SIB”) and Baobab Côte d'Ivoire S.A. (“BBCI”), on a portfolio of up to US$60 million. The project will help the participating financial institutions to finance the purchase of approximately 300 heavy cargo trucks by eligible transporters that renew their fleets of 20-year-old vehicles.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

The Project is expected to have the following development impact:
Project outcomes:
(i) Stakeholders effects: increased access to finance for approximately 300 cargo transporters that lack the collateral to finance more efficient, safer vehicles and (a) direct impact on their costs and quality of service; (b) indirect impact on local communities through lower goods' prices;
(ii) Environmental and/or social effects with GHG emission savings resulting from scrapping and replacement of 300 old trucks.
Contribution to Market Creation:
Competitiveness: Through competition channel effects, the project is expected to motivate other cargo transport firms to seek to renew their fleets to become more efficient and reduce their costs. IFC also expects the project, underpinned by an improved policy and operating context for the transport sector (market-enabling channel), to eventually also spur other private-sector banks to enter this market in future, without IFC's help, and finance additional transporters seeking to renew their truck fleets.

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

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.

Societe Ivoirienne de Banque S.A. (Groupe Attijariwafa Bank) and Baobab Cote d’Ivoire S.A
Bakary Yeo (SIB) (bakary.yeo@sib.ci) and Bamba Diop (BBCI) (bdiop@baobab.bz)
Director of SME (SIB) and CFO (BBCI)
SIB:+ 225 20 20 00 15 and BBCI:+ 225 22 41 13 45

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