BOP Madagascar (IFC-46265)

  • Madagascar
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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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."
BOP Madagascar
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 27.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 7, 2023

Disclosed by Bank May 16, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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.

According to the Bank’s website, the proposed investment program consists of three senior unsecured loans for a total amount of up to US$27 million in Malagasy Ariary (“MGA”) equivalent, with maturities between up to 3 and 5 years, to UNICECAM (“UNICECAM”), SIPEM Banque (“SIPEM”), and Société Générale Madagasikara (“SGM” and collectively with UNICECAM and SIPEM, the Companies) to enable the provision of funding to micro, small and medium enterprises (“MSMEs”) in Madagascar, which have been negatively impacted by the COVID-19 pandemic.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Caisses d’Epargne et de Crédit Agricole Mutuels (CECAM) - Madagascar Client -
- - - - SIPEM Banque (Madagascar) Client -
- - - - Societe Generale Madagascar Client -

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.

Societe Generale Madagascar
Thibault Vallet
Director of Public Relations
+261 (0) 20 22 232 58 - 9409
14 rue Général RABEHEVITRA, Antananarivo 101


Company: SIPEM Banque

Hanitriniaina Raharivololona

Financial Controller

+261 (0) 20 20 300 98

Lot A 216 H, Andavamamba – 101,

Antanarivo, Madagascar 



Malala Andrianony

Director of Marketing and Digital Project

+261 34 05 487 05 


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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 You can learn more about the CAO and how to file a complaint at

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