BOP BOA Group (IFC-48532)

Regions
  • Africa
Geographic location where the impacts of the investment may be experienced.
Countries
  • Benin
  • Burkina Faso
  • Ivory Coast
  • Kenya
  • Mali
  • Niger
  • Senegal
  • Togo
  • Uganda
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
Dec 22, 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
BANK OF AFRICA GROUP SA
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.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 156.20 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 Mar 12, 2024

Disclosed by Bank Dec 22, 2023

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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 the Bank’s website, the proposed project is a multi-currency facility in the aggregate amount of up to US$171.2 million to nine Bank of Africa (“BOA”) affiliates in IDA and FCS countries – namely Bank of Africa Benin, Bank of Africa Burkina Faso, Bank of Africa Cote d’Ivoire, Bank of Africa Kenya, Bank of Africa Mali, Bank of Africa Niger, Bank of Africa Senegal, Bank of Africa Togo, and Bank of Africa Uganda. The facility will support the Group in scaling up its lending to micro, small, and medium enterprises (“MSMEs”) in the context of high interest rates which led to tightening liquidity in the region. For all entities except for BOA Uganda, the Project will be processed under the Base of the Pyramid (“BOP”) program (see the Blended Finance section for more details).                                         

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.

The Project entails a senior loan across nine BOA subsidiaries to support SMEs. The SME sectors supported by the BOA subsidiaries primarily include trade, services, manufacturing, transportation, and construction. The E&S risks and impacts associated with the supported SME activities are considered limited and readily addressed through mitigation measures. The overall portfolio risk is considered medium. Thus, the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy.

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

The proposed Project consists of an up to US$171.2 million equiv. multicurrency senior loan facility to be allocated among nine BOA participating affiliates which will be processed under the BOP program, except for BOA Uganda. 

Investment as approved by the board: 156.20 million (USD)

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 nine Bank of Africa participating affiliates are majority-owned by Bank of Africa Group which is a leading regional financial services group operating in sub-Saharan Africa. BOA Group is owned by BANK OF AFRICA -BMCE Group, the third largest bank in Morocco at 72.4%, followed by FMO at 9.4%.                    

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Bank of Africa (BOA) Group S.A. Client -
- - - - Bank of Africa Benin Subsidiary -
- - - - Bank of Africa Burkina Faso Subsidiary -
- - - - Bank of Africa Cote d’Ivoire Subsidiary -
- - - - Bank of Africa Kenya Subsidiary -
- - - - Bank of Africa Mali Subsidiary -
- - - - Bank of Africa Niger Subsidiary -
- - - - Bank of Africa Senegal Subsidiary -
- - - - Bank of Africa Togo Subsidiary -
- - - - Bank of Africa Uganda Subsidiary -

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 Group
Laura TRAN DUC MINH
Head of Investments
00212522585950
ltran@boaholding.com
Lot Mandarona, Lot n° 1, Immeuble Promoffice - 20270 Casablanca.Sidi Maarouf
www.bank-of-africa.net

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

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How it works