SLGP RSF NSIA (IFC-42304)

Countries
  • Benin
  • Guinea
  • Ivory Coast
  • Senegal
  • Togo
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
Jun 14, 2019
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
NSIA Banque SME RSF
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.
Ring Fence
  • Small & Medium Enterprises
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)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 25.76 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.
Currency conversion note:
Bank reported 23
Converted using 2019-05-06 exchange rate.
Project Cost (USD)
$ 51.53 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.
Currency conversion note:
Bank reported 46
Converted using 2019-05-06 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 28, 2019

Disclosed by Bank May 6, 2019

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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 bank documnets, the proposed project entails the provision of a Risk Sharing Facility for a consideration of up to EUR 23 million to 3 NSIA Banque subsidiaries operating in five countries – Côte d’Ivoire, Benin, Togo, Senegal and Guinea. The RSF will provide 50% credit risk coverage on a maximum SME loan portfolio of EUR 46 million.

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

IFC’s investment is in the form of a risk sharing facility for up to Euro 23 million, which will provide 50% credit risk coverage on a portfolio of eligible SMEs originated by NSIA Banque Côte d’Ivoire, NSIA Banque Benin and NSIA Banque Guinea. The project is part of IFC’s Small Loan Guarantee Program which provides risk sharing instruments to client banks looking to expand SME lending in difficult to serve markets. The Project will also be potentially supported by the Global SME Finance Facility, a partnership with the UK Department for International Development and the Government of the Netherlands, should NSIA achieve significant growth in lending to climate-smart SMEs.  In addition, the Project is also likely to be supported by the Women Entrepreneurs Finance Initiative (“We-Fi Facility”) should NSIA achieve significant growth in lending to women-owned SMEs.

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.

The NSIA Group is a regional financial services group founded in 1995 by Mr. Jean Kacou Diagou, an Ivorian businessman and insurance specialist. The Group currently has a footprint in 12 countries in West and Central Africa, and is headquartered in Abidjan, Côte d’Ivoire. NSIA comprises several affiliates offering insurance, banking, corporate finance and real estate services, with the insurance and banking divisions being the largest of the Group. The banking division consists of 3 banks, namely NSIA Banque Côte d’Ivoire, NSIA Banque Benin, which has branches in Côte d’Ivoire, Togo and Senegal, and NSIA Banque Guinea.

NSIA Participations is the holding company controlling most subsidiaries of the Group. NSIA Participations drives the Group strategy and provides oversight to the entire NSIA network. In 2015, the National Bank of Canada (NBC) completed the acquisition of a minority stake (22%) in NSIA Participations. In 2017, Swiss Re acquired 29% stake in Manzi Finance, the majority shareholder of NSIA Participations.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - NSIA Group Client -
Eranove Group Parent Company Energy owns Kekeli CCGT Plant (65MW) Client Energy
Ivory Coast Electricity Company Parent Company Energy owns Ivory Coast Electricity Company Refinancing 2019 Client Energy
Manzi Finances Investor Finance invests in Ci-Energies Parent Company Energy
Manzi Finances Investor Finance invests in Eranove Group Parent Company Energy
Manzi Finances Investor Finance invests in Ivorian Refining Company Parent Company Mining
Manzi Finances Investor Finance invests in Ivory Coast Electricity Company Parent Company Energy
Manzi Finances Investor Finance invests in Ivory Coast Electricity Company Refinancing 2019 Client Energy
Manzi Finances Investor Finance invests in Kekeli CCGT Plant (65MW) Client Energy

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.

NSIA Group 
Leonce Yace 
Managing Director 
leonce.yace@groupensia.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/

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