Original disclosure @ IFC website
Updated in EWS Nov 12, 2019
Disclosed by Bank Oct 28, 2019
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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.
The Project is expected to have the following development impact:
(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.
Societe Ivoirienne de Banque S.A. (Groupe Attijariwafa Bank) and Baobab Cote d’Ivoire S.A
Bakary Yeo (SIB) (email@example.com) and Bamba Diop (BBCI) (firstname.lastname@example.org)
Director of SME (SIB) and CFO (BBCI)
SIB:+ 225 20 20 00 15 and BBCI:+ 225 22 41 13 45
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