SLGP EC RSF Credit Agricole Ukraine (IFC-48604)

Regions
  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • Ukraine
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
Nov 27, 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
Credit Agricole Ukraine JSC
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 21.13 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 20
Converted using 2023-10-26 exchange rate.
Project Cost (USD)
$ 42.26 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 40
Converted using 2023-10-26 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Nov 3, 2023

Disclosed by Bank Oct 26, 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.

As stated by the IFC, the proposed investment consists of an unfunded risk sharing facility with Credit Agricole JSC for a portfolio of loans to small and medium enterprises (SME) in the amount of up to €40 million in Ukraine, where IFC’s risk participation will be up to €20 million, or 50% of the aforementioned SME loan portfolio.  
The Project will be processed under IFC’s Small Loans Guarantee Program, a programmatic approach to de-risk and scale up financing for SMEs in Ukraine and other eligible countries. The Program will benefit from a pooled first loss guarantee provided by the European Commission via European Fund for Sustainable Development and the IDA IFC-MIGA Private Sector Window’s Blended Finance Facility, which will help enable the Bank lending to the underserved SMEs in Ukraine and at affordable rates. In addition, the investment may potentially be supported by Economic Resilience Action (ERA) Program for Ukraine funded by the Government of the Netherlands in the form of a performance-based incentive, subject to Credit Agricole JSC achieving agreed targets, to incentivize increased finance for SMEs in the agriculture sector in Ukraine. 

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 IFC categorized the project as FI-2.

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.

As stated by the IFC, Credit Agricole JSC is headquartered in Kyiv and operates in Ukraine through 148 branches serving 426,000 clients. With total assets of US$2.5 billion as of June 30, 2023, it is the 8th largest bank in Ukraine. Credit Agricole JSC is fully owned by Credit Agricole S.A., a listed bank on the Paris Stock Exchange and one of the largest banking groups in Europe with presence in more than 47 countries worldwide serving 53 million customers through 8,700 branches.


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.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - JSC Credit Agricole Bank:

Vladislav Berezhny - Director of Trade and Structured Finance Department
Phone: +38 044 490-14-77
Email: vladislav.berezhny@credit-agricole.ua
Address: 23A, Volodymyrska Street, Kyiv 01001 – Ukraine
Website: https://credit-agricole.ua/en

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