Early Warning System

Regions

Africa

Geographic location where the impacts of the investment may be experienced.

Countries

Ivory Coast

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Active

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."

Voting Date

Sep 9, 2026

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.

Sectors

Finance
Industry and Trade

The service or industry focus of the investment. A project can have several sectors.

Investment Type(s)

Loan

The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.

Investment Amount (USD)

Not Disclosed

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 @ EBRD website

Updated in EWS Sep 17, 2026

Disclosed by Bank Sep 13, 2026

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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.

PROJECT DESCRIPTION

The project is an investment of up to XOF 6 billion (EUR 9.2 million equivalent) in a senior unsecured bond issued by Baobab Cote d'Ivoire, for a total issuance size of up to XOF 20 billion (EUR 30.5 million).

PROJECT OBJECTIVES

The proceeds of this bond issuance will primarily support on-lending to women-led MSMEs (80%), complemented by financing for private education facilities serving low- and middle-income households (10%) and eligible green projects (10%) in Cote d'Ivoire.The project will help narrow the gender financing gap by increasing access to credit to women-led businesses, thereby promoting financial inclusion and women's economic participation.

TRANSITION IMPACT

ETI score: 74

The primary quality of the investment is Inclusive. The Project will contribute significantly to economic inclusion through the provision of financing to women-led micro, small and medium-sized enterprises and women entrepreneurs underserved by the banking sector, as well as private education facilities catering to low- and medium- income households across Cote d'Ivoire.

The secondary quality of the investment is Resilient. The Project will contribute to local capital market development by introducing an innovative local currency instrument listed on the local stock exchange. The project is among the first issuances of its kind in Cote d'Ivoire and will contribute to a broadening of the range of sustainable investment products available to investors and supporting the development of long-term local currency capital markets.

CLIENT INFORMATION

Baobab Cote d'Ivoire is a leading microfinance institution and a subsidiary of the international Baobab Group. Established in October 2010, the company specializes in providing financial services to underserved individuals and MSMEs across Cote d'Ivoire. The institution operates through a network of 38 branches nationwide. As of December 2025, Baobab Cote d'Ivoire served over 320,000 clients, held approximately 29% market share in outstanding loans, maintained a loan portfolio of XOF 209bn (EUR 317m), and managed customer deposits totalling XOF 103bn (EUR 157m). The company is recognized as a key player in promoting financial inclusion and supporting the growth of the MSME sector in Cote d'Ivoire.

Baobab Cote d'Ivoire is part of Baobab Group, a regional microfinance institution operating in seven African countries (Cote d'Ivoire, Senegal, Burkina Faso, Mali, Nigeria, DRC and Madagascar) and headquartered in Paris, France.

EBRD FINANCE SUMMARY

XOF 9,000,000,000.00

The EBRD investment is up to 30% in Baobab Cote d'Ivoire bond issuance (up to XOF 6 billion or EUR 9.2 million). The proceeds of the EBRD investment will be used to support on-lending to women-led MSMEs (80%), affordable private education (10%) and eligible green projects (10%).

TOTAL PROJECT COST

XOF 23,000,000,000.00

The total issuance size is up to XOF 20 billion (EUR 30.5 million). IFC is participating as an anchor investor. The remaining investor base is expected to consist of banks and other institutional investors.

ADDITIONALITY

EBRD's participation in the issuance helps introduce innovative capital market instruments, mobilise long-term local currency funding that is not currently available at sufficient scale domestically, and catalyse private capital towards an innovative sustainable financing instrument.

ENVIRONMENTAL AND SOCIAL SUMMARY

Categorised FI (ESP 2024). Baobab Cote d'Ivoire is a new client of the EBRD. E&S due diligence has been undertaken through a review of the client's completed E&S questionnaire, review of their sustainability bond framework and publicly available information related to the issuance. Sub-projects will support exclusively MSME micro-lending which are likely to be of Low environmental and social risk.

Baobab Cote d'Ivoire has an Environmental and Social Management System (ESMS) in place, which will be strengthened to include an external grievance mechanism. Baobab Cote d'Ivoire is expected to enhance its ESMS to effectively assess, manage, and monitor E&S risks and impacts in line with the EBRD's Environmental and Social Requirements (ESRs) 2, 4, and 9 under the Environmental and Social Policy (ESP, 2024). This includes compliance with the EBRD's E&S exclusion list and alignment with relevant EBRD guidance for financial institutions. Sub-borrowers financed by the client must comply with applicable national environmental, health, safety, and labour laws. Baobab Cote d'Ivoire will submit annual E&S reports to the EBRD, detailing its ESMS implementation, compliance with EBRD requirements, sub-project screening results, and any material E&S incidents.

TECHNICAL COOPERATION AND GRANT FINANCING

The issuer will benefit from two Technical Cooperation (TC) initiatives. The first will support the preparation and execution of the first issuance of its kind in Cote d'Ivoire through pre-issuance and issuance advisory services. The second TC will provide financial literacy, business planningand management training to existing and prospective women-led MSME clients of Baobab Cote d'Ivoire, strengthening their financial capabilities and supporting the growth of women-led enterprises.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Financial Intermediary

A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.

Baobab Group (Financial Intermediary)

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.

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html