According to the Bank’s website, the proposed project is a multi-local-currency facility in the aggregate amount of up to US$47.5 million equiv. to affiliates of the Baobab Group, an IFC partner with whom IFC has a longstanding relationship. The facility is to help the Group scale up lending to micro and small enterprises in the advent of Covid-19 in LIC-IDA and FCS countries in sub-Saharan Africa. The senior loans under the Project will benefit six Baobab affiliates, namely: Baobab Senegal, Baobab DRC, Baobab Burkina Faso, Baobab Mali, Baobab Madagascar and Baobab Cote d’Ivoire. Loans will have a maximum tenor of 60 months with a grace period of 12 months. The project will be processed under IFC’s COVID Base of Pyramid (“BOP”) Facility and will be supported by IDA-PSW Blended Finance Facility (“IDA PSW-BFF”) and IDA-PSW Local Currency Facility (“IDA PSW-LCF).
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