Africa Agriculture Accelerator Program (IFC-47454)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Senegal
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 9, 2023
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
AGCELERANT
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 7.20 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 Jan 20, 2023

Disclosed by Bank Jan 10, 2023

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Contact the EWS Team

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 proposed Project entails an 8-year Risk Sharing Facility with IFC guaranteeing the credit risk of Bank of Africa Senegal for up to US$7.2 million in XOF equivalent, on a portfolio of loans from the Bank to eligible Very Small, Small and Medium Enterprises, Cooperative, smallholder farmers in the rice value chain in Senegal, of up to US$8.0 million in XOF equivalent. Such loans shall be originated via agCelerant, an agri-tech company based in Senegal, which aggregates smallholder farmers into an organized value chain utilizing its proprietary agency network to profile farmers, provide necessary inputs and capacity training, and a secured off-take for the rice production. The Project is expected to be supported by the Private Sector Window of Global Agriculture and Food Security Program, a multilateral program financed through contributions by several governments administered by IFC, in its capacity as implementing entity, to support agriculture-related projects in developing countries.                                                   

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

IFC RISK RATING: FI-2

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
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 Bank is part of Bank of Africa, a leading regional financial services group in sub-Saharan Africa. The Group was first incorporated in 1982 in Mali and has been building a pan-African banking franchise in 17 countries.                   

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - agCelerant Client -
- - - - Bank of Africa (BOA) Group S.A. Client -

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.

BOA Senegal
Mohamed Amine Ellakhdi
Deputy General Manager
+221774327722
maellakhdi@boasenegal.com
Immeuble Elan, Route de Ngor, Zone 12 Almadies. BP 19992 RP, Dakar, Senegal.
www.boasenegal.com

 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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