DCM NSIA ABS (IFC-42824)

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 27, 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
Fonds Commun de Titrisation de Creances NSIA Banque
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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 8, 2020

Disclosed by Bank Feb 10, 2020

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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 project consists of a securitization of loans originated and serviced by NSIA Banque Cote d’Ivoire (“NBCI or the “Bank”). Under the Project, IFC will purchase up to XOF17.5 billion local currency-denominated asset-backed securities (the “ABS”) issued by a Fonds Commun de Titrisation de Créances, a securitization special purpose vehicle (the “SPV”) incorporated in Côte d’Ivoire. The ABS will have a scheduled maturity of up to 5 years and will be placed publicly (Appel public à l’Epargne) and listed on the BRVM. The issuance will be rated and the proceeds will be used by NBCI for on-lending to SMEs.

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.

Project Outcome: Increased Access to Finance for SMEs. The Project is expected to increase access to finance for SME as it will help NBCI scale up its lending towards SMEs, which in turn is expected to drive economic growth and job creation.
Market Creation: IFC's role as an anchor investor is expected to provide comfort to investors, mostly regional institutional investors, on the new asset class being introduced, not only for the successful completion of the transaction but also for future investment in similar ABS issues. In addition, the successful completion of the ABS issue anchored by IFC is expected to demonstrate that capital markets can be leveraged by commercial banks to raise much needed long-term funding for SME lending.

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.

NSIA Banque Cote d’Ivoire
Mr. Léonce Yacé
Managing Director
Leonce.yace@groupnsia.com

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/

How it works

How it works