According to the Bank’s website, IFC’s proposed investment in Société Générale Côte d’Ivoire (“SGCI”, or the “Bank”) consists of an unfunded Risk Sharing Facility (“RSF”) of up to XOF17.5 billion (approximately US$29.7 million or EUR26.9 million equivalent) covering 50% of the Bank’s risk on an aggregate Small and Medium Enterprise (“SME”) loan portfolio of up to XOF35 billion (approximately US$59.4 million or EUR53.8 million equivalent). The purpose of the proposed RSF is to support SGCI in expanding its SME-lending operations, enhancing access to finance for SMEs in Côte d’Ivoire. The facility is proposed to be processed under the European Commission (EC)-only sub-portfolio of the Small Loan Guarantee Program, European Commission/Private Sector Window (“SLGP EC/PSW”) which is supported by the European Union, represented by the EC via the European Fund for Sustainable Development (EFSD) for EC-Only Countries, including Côte d’Ivoire.

The project consists of an unfunded risk sharing facility for up to eight years whereby IFC will guarantee 50% of Société Générale Côte d’Ivoire’s credit risk on a target portfolio of loans to Small and Medium Enterprises (“SMEs”). As such, the portfolio supported under the RSF is expected to comprise business activities with limited adverse environmental and social risks or impacts that are few in number, generally site-specific, largely reversible and readily addressable through mitigation measures. Given the project is likely to support SMEs in low to medium risk sectors, the project is not expected to support Coal and Higher Risk Business Activities that may include: a) involuntary resettlement, b) risk of adverse impacts on Indigenous Peoples, c) significant risks to or impacts on environment, community health and safety, biodiversity, cultural heritage, or d) significant Occupational Health and Safety risks. The main E&S risks and impacts of this project relate to the ability of SGCI to identify and manage the potential E&S risks and impacts associated with the lending activities to SMEs, as well as the bank’s labor practices. The E&S risks and impacts associated with SME activities are typically low to medium environmental and social risks such as waste management, pollution prevention, labor and working conditions and occupational health and safety, etc.

The IFC investment consists of an unfunded RSF on a portfolio of SME loans totalling up to XOF40 billion (approximately US$67.2 million or EUR58.9 million). IFC’s maximum exposure will be up to XOF20 billion (approximately US$33.6 million or EUR29.5 million).

IFC's Investment as Approved by the Board: Guarantee 31.98 million (USD).

Société Générale S.A. (“SG”) started its operations in Côte d’Ivoire in 1941 with 3 branches in Abidjan, before creating Société Générale de Banques de Côte d’Ivoire (“SGBCI”) in 1962 as a commercial bank mainly focusing on the Retail & Public/Corporate segments, which rebranched itself as Société Générale Côte d’Ivoire (“SGCI”) in 2019. SGCI became a publicly listed company in 1998 on the Regional Stock Exchange (“BRVM”), and its largest shareholders include SG (with a 71.84% stake) and the Allianz group via 2 entities (6.05%). SG is a publicly listed company, with a 67.11% of float on the Paris Stock Exchange.

Société Générale Côte d’Ivoire
Brice Oble
Deputy Managing Director
+225 27 20 20 10 10
brice.oble@socgen.com
01 BP 1355 Abidjan 01
www.societegenerale.ci

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