MFP BOP Supersonicz (IFC-48929)

Countries
  • Gambia
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
B
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
Aug 8, 2024
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
Supersonicz Financial Limited
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)
$ 1.00 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.
Project Cost (USD)
$ 2.00 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 Sep 14, 2024

Disclosed by Bank Jun 24, 2024

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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 consists of an up to 3-year unsecured senior loan of up to US$2 million equivalent in Gambian Dalasi (“GMD”) to Supersonicz Financial Limited (“Supersonicz” of the “MFI”) to help increase its lending capacity to Micro, Small and Medium Enterprises (“MSMEs”) including women-owned/led enterprises, informal enterprises, and low-income households in The Gambia. The financing package will comprise of up to US$1 million equivalent in GMD from IFC’s own account and mobilization from other lenders of up to US$1 million equivalent in GMD (the “Project”). The Project will be processed under IFC’s MSME Finance Platform (the “Platform”).

 The proposed investment is expected to be accompanied with advisory services.     

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 has been categorized as FI-2 (medium risk). The proposed investment entails a senior loan under the MSME Finance platform targeting MSMEs (including women-owned/led enterprises), informal enterprises, and low-income households in Gambia. The portfolio supported under the Project is expected to comprise business activities with limited adverse environmental and social risks or impacts that are few, generally site-specific, largely reversible, and readily addressable through mitigation measures. These risks are typically associated with occupational health and safety issues, pollution prevention, waste and wastewater management, labor and working conditions issues, biodiversity, and community impacts, among others. 

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

An up to 3-year unsecured senior loan of up to US$2 million equivalent in Gambian Dalasi (“GMD”).

The financing package will comprise up to US$1 million equivalent in GMD from IFC’s own account and mobilization from other lenders of up to US$1 million equivalent in GMD for a total facility size of US$2 million. 

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.

Supersonicz is a limited liability company incorporated and domiciled in The Gambia, with 15 branches across the country. The MFI is owned by Mr. Njundu Fatty, Mr. Almamo Fatty, Mr. Katim Touray, Lasting Solutions, and Kairawan FX Bureau.


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.

Supersonicz Financial Limited
Mr. Njundu Fatty
Chief Executive Officer

nfatty@supersonicz.gm

www.supersonicz.gm

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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