The Project is a funded risk participation for up to EUR 28.5 million by IFC in a EUR 65 million one-year offshore secured pre-export facility provided by Societe Generale (“SG”) to finance the purchase of seed cotton and provide working capital to a cotton company in Burkina Faso. The most significant, expected project-level outcome is continued access to markets and finance for over 273,000 farmers and increases in productivity for 1,000 farmers. Beyond the project, IFC anticipates the investment will increase integration and resilience in the cotton sector in Burkina Faso, a low-income/IDA country, through capacity building and demonstration and replication effects.
Societe Generale is one of the leading European financial services groups. Based on a diversified and integrated banking model, the Group combines financial strength and proven expertise in innovation with a strategy of sustainable growth, aiming to be the trusted partner for its clients, committed to the positive transformations of society and the economy.
Active in the real economy for over 150 years, with a solid position in Europe and connected to the rest of the world, Societe Generale has over 147,000 members of staff in 67 countries and supports on a daily basis 31 million individual clients, businesses and institutional investors around the world by offering a wide range of advisory services and tailored financial solutions. The Group is built on three complementary core businesses:
SG will retain EUR 28.5 million for the project
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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/