Agrifinance partnership Agcelerant and bank (IFC-607725)

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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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
Mar 2, 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
Manobi Africa/agCelerant, Bank of Africa
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
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Advisory Services
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 0.72 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 Oct 14, 2023

Disclosed by Bank Sep 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 project will assist agCelerant in strengthening its capacity and to improve partnership with bank partner such as BoA to ultimately scale SHF financing. IFC will focus on areas such as the preparation of the partnership between agCelerant & BoA, support for the acquisition of new farmers and agri-profiling of their crops, support for the deployment and management of the network of agri-agents, support for strengthening the business model and action plan, and strategic support on risk management and development of scoring model.

The objective of this project is to support the development of a new type of partnership between agCelerant -agri-platform (agtech) and BOA, partner bank, to help bridge the significant financing gap for farmers in Senegal. Under such future partnership, the bank would be able to leverage valuable data from agCelerant on their profiled farmers and provide them with loans. Improved banking services for SHFs will drive greater financial inclusion and increased financing for SHFs and will lead to a path for greater food security.

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 on the company's website, agCelerant™ is the business development platform deployed by MANOBI AFRICA to restructure the African agricultural sector into organized, transparent, efficient and inclusive value chains. It implements an innovative, holistic business model in which smallholder farmers and larger-scale investors are simultaneously accompanied and protected as they empower themselves to respond to growing and changing customer needs.

MANOBI AFRICA orchestrates inclusive value creation inside agricultural chains and drinkable water systems. Headquartered in Mauritius, MANOBI AFRICA has subsidiary or project presence in 14 African countries and early portfolios in Europe. Combining recognized sector expertise with digital solutions and proximal presence,
MANOBI AFRICA transforms agricultural and water services creating economic and social value.

Bank of Africa is a financial institution operating in Senegal. It is part of the BMCE Group.


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.

Clients - Manobi Africa/agCelerant:

Email: contact@manobi.com 
Address: Remy Ollier Street, Port - Louis, Mauritius
Websites: https://www.manobi.com/ / https://www.agcelerant.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