BACI Revolving Line

completed

Summary Of Project Information (SPI)Project NameCôte d''Ivoire - Banque Atlantique Revolving Credit Line (BACI 3)     RegionSub-Saharan AfricaSectorProject No009407Projected Board DateFebruary 12, 1999Company NameBanque Atlantique Côte D''Ivoire Société Anonyme (BACI)Technical Partner and/or Major Shareholders The technical partner is Belgolaise Bank, a subsidiary of Fortis/Générale de Banque of Belgium, one of the largest European banking groups. Belgolaise controls and manages a growing network of commercial banks in Africa. BACI''s major shareholders are private Ivorian companies with 67.5%; private Ivorian investors with 17.5%; and Belgolaise Bank with 10%.Project Cost Including proposed IFC investment The project is to provide a syndicated revolving credit line of FRF 50 million (US$ 9 million equivalent) to Banque Atlantique (BACI).Location of project and Description of site Abidjan, Côte d''IvoireDescription of Company and Purpose of Project Banque Atlantique (BACI) is a well managed and profitable commercial bank in Côte d''Ivoire. The revolving credit line would enable BACI to further develop its trade finance activities and provide necessary short-term working capital financing for its clients. The project comes at a time when resource availability in Côte d’Ivoire is becoming difficult due to tighter liquidity. IFC’s revolving credit line would thus provide BACI with necessary resources to appropriately address this shortfall, by combining short-term liquidity with medium-term availability. Environmental Category and Issues This is a Financial Intermediary Type 1 project. BACI will be required to develop an environmental management system to cover relevant operations (e.g., project finance, corporate finance). BACI must require that investments under relevant operations meet host country environmental, health and safety requirements. IFC will work with BACI to develop an environmental review capacity. BACI represenatitves will be required to attend IFC-sponsored environmental training. BACI will be required to provide an annual environmental performance report to IFC.Date SPI sent to InfoShop      January 12, 1999“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384