According to the Bank’s website, the project consists of an unsecured senior loan of up to US$60 million equivalent in EUR with a maturity of up to 5 years, and up to 12 months grace period, of which IFC’s own account (“O/A”) is US$20 million and the remaining US$40 million is mobilized from other lenders to Afriland First Bank Cameroon, an existing IFC client and the largest bank in Cameroon. The senior loan is intended to provide the Bank access to long term funding, to help scale up lending to small and medium enterprises (“SMEs”), in Cameroon, with a minimum of 25% targeting women-owned enterprises (“WSMEs”).                                            

The project consists of a senior loan to Afriland First Bank (AFB). The Project aims to increase AFB’s lending to micro, small and medium enterprises (“MSMEs”), including at least a 25% carve-out for women-owned enterprises” (“WMSMEs”). The Bank indicated exposure to sectors such as agro-pastoral activities, construction, energy, financial activities and insurance transport, telecommunications. The E&S risks and impacts associated with the supported MSME activities are considered limited and readily addressed through established mitigation measures. These risks are typically associated with occupational health and safety, waste and hazardous waste management, and air emissions, among others. The labor practices at AFB are generally aligned with IFC Performance Standard 2: Labor and Working Conditions. However, the bank will have to develop employee grievance mechanism. The overall portfolio risk is considered medium. For this investment, the Bank will be required to screen eligible MSME loans against the IFC Exclusion List and Cameroon environmental and social laws and regulations. The Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy.
The Project will not support coal-related activities, IFC Exclusion List or 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 the environment, community health and safety, biodiversity, cultural heritage, or d) significant occupational health and safety risks.

The proposed investment includes a senior loan facility of up to US$60 million equivalent in EUR, where IFC’s O/A is US$20 million and the remaining US$40 million is expected to be mobilized from other lenders.

Afriland First Bank started its operations in 1986 as a limited liability company with a share capital of XAF300 million. It later obtained its commercial banking license in Cameroon in 1987 under the name Caisse Commune d’Epargne et d’Investissement (“CCEI”) with the intention to mainly meet the needs of the informal SME segment of Cameroon and to foster local entrepreneurship as an engine for economic growth. CCEI Bank became Afriland First Bank in 2002 and today boasts of a network of 85 branches across all regions in Cameroon servicing more than 650,000 customers. The Bank is majority-owned by Afriland First Group (73.86%) – a bank holding company headquartered in Geneva, Switzerland, followed by Mr. David Tiofo – a Cameroonian businessman (7%), with the remaining 19.14% owned by individuals with less than 5%.

Afriland First Bank Cameroon
Mr. Youssoufa BOUBA
Deputy Managing Director
+237 2 22 23 30 68
youssoufa_bouba@afrilandfirstbank.com

www.afrilandfirstbank.com

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