GTST Sahara (IFC-40141)

Regions
  • Africa
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
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
Feb 28, 2018
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.
Borrower
SAHARA GROUP
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 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.
Project Cost (USD)
$ 300.00 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 Aug 13, 2018

Disclosed by Bank Jan 22, 2018

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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.

The project consists of an investment of up to US$100 million by IFC to be part of a revolving uncommitted trade finance facility of US$300 million, arranged by Société Générale, Paris for Sahara Energy Resources Limited (“SERIOM”) and Sahara DMCC (“DMCC”), both subsidiaries of Sahara Group.

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

The total amount of the Facility is estimated at US$300 million, with a proposed IFC investment of up to US$100 million through an unfunded guarantee to be issued by IFC in favor of Société Générale.

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.
Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

About Société Générale Société Générale is amongst the 20 largest banks worldwide, and the second largest in France by market capitalization. It operates across three core business units: (i) French retail banking, which consists of three complementary brands: Société Générale, a leading national bank; Credit du Nord, a group of regional banks; and Boursorama, France’s leading online bank; (ii) international retail banking and financial services, and; (iii) global banking and investor solutions. About Sahara Sahara is a privately owned power, energy, gas and infrastructure conglomerate established in 1996 with operating companies active in the downstream, midstream, upstream, infrastructure and power sectors. The group has over 20 operating subsidiaries mainly across West Africa. SERIOM, a company incorporated in the Isle of Man, is primarily focused on the sourcing, supply and trading of refined petroleum products. It operates as a wholly owned subsidiary of Sahara. DMCC, a company incorporated in the United Arab Emirates, is focused on business development in the East Africa region.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Sahara Group Limited Parent Company -

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.

Société Générale Cecile Briand / Hugo Letreguilly Director - Energy +33142135433 / +33157296999 cecile.briand@sgcib.com / hugo.letreguilly@sgcib.com 92987 Paris La Défense cedex 7, Paris (France) www.sgcib.com Company: SERIOM and DMCC Point of Contact: Mr Ade Odunsi Title: Director Telephone Number: +41 (0)22 716 51 31 Email: Tradefinance@sahara-group.com Mailing Address: 13-15 Cours de Rive 1204 1201, Geneva (Switzerland) Website: www.sahara-group.com

ACCOUNTABILITY MECHANISM OF IFC

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 CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

How it works

How it works