BoA Kenya RSF (IFC-43897)

Countries
  • Kenya
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
Jul 10, 2020
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
BANK OF AFRICA KENYA LIMITED
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)
$ 5.00 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)
$ 10.00 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 Jun 20, 2020

Disclosed by Bank May 28, 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 is an up to US$5 million risk sharing facility to provide 50% loss coverage to an aggregate portfolio of loans to Small and Medium Enterprises (SMEs) (“SME RSF”) of up to US$10 million equivalent in local currency originated in Kenya. This project will support the bank as it grows its lending into the SME sector.

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.

Accessibility of finance for SMEs in Kenya: IFC anticipates that by providing BOA Kenya with a tool to mitigate the higher risk of lending to the Very Small Enterprises (VSE) and SME segment, the Project will help increase access to finance for currently underserved SMEs in the country. Market impact: IFC anticipates that the project has the potential to promote greater market competitiveness by demonstrating the commercial viability of lending to underserved VSE/SME segments.

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.

Bank of Africa Kenya 
Ronald Marambii 
MD 
+254 020 3275315 
Ronald.Marambii@boakenya.com 
BOA House, Karuna Close off Waiyaki Way, Westlands, Nairobi,Kenya 
www.boakenya.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/

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How it works