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.
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.
NSIA Banque Cote d’Ivoire
Mr. Léonce Yacé
ACCOUNTABILITY MECHANISM OF IFC
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