DCM ABI Bond (IFC-40243)

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.
Specific Location
Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Jun 15, 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
Atlantic Business International
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
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)
$ 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.
Loan 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 27, 2019

Disclosed by Bank May 16, 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.

According to IFC website, the proposed project is to invest in a social bond to be issued by Atlantic Business International. The proceeds raised through the issuance of the social bond will be used to finance and/or refinance eligible social projects across ABI’s subsidiaries in Benin, Burkina Faso, Côte d’Ivoire, Mali, Niger, Senegal and Togo. The bond will be issued in accordance with IFC’s investment criteria and the Social Bond Principles, 2017 of the International Capital Market Association. The project's expected development impacts are: 

1. High Social Impact Financing: will support projects and activities that (i) support employment generation and better access to financial services through lending to micro, small and medium enterprises, including women-owned small and medium enterprises, or, (ii) provide better and more affordable access to essential services to low-income populations

2. Development of a social bond market: will promote more capital market financing to high social impact projects amongst issuers and investors. The development of the social bond market will provide an impetus to the development of the overall bond market which is a high developmental priority for IFC in Africa.

 

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

- High social impact financing: The proposed investment will support projects and activities that (i) support employment generation and better access to financial services through lending to micro, small and medium enterprises, including women-owned small and medium enterprises, or, (ii) provide better and more affordable access to essential services to low-income populations.
- Development of a social bond market: Through its demonstration effect, the project will promote more capital market financing to high social impact projects amongst issuers and investors. The development of the social bond market will provide an impetus to the development of the overall bond market which is a high developmental priority for IFC in Africa.

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

Atlantic Business International is the central entity of Banque Atlantique group, a leading regional banking group present in 9 countries in west and central Africa. ABI employs over 1,600 people, manages around 700,000 customer accounts and has over 205 branches in the region. As of December 2017, ABI had total assets of US$6.1 billion and total shareholders’ equity of US$491 million. ABI is headquartered in Abidjan, Côte d’Ivoire.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Groupe Banque Atlantique 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.

Borrower: Atlantic Business International
Habib Kone, CEO
Contact No.: +225 2020 1010
Office Address: 01 BP 2311, Abidjan 01 Côte d’Ivoire
Website: www.banqueatlantique.net

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