BANK OF AFRICA - COTE D'IVOIRE (BoA-CI)

completed

Summary Of Project Information (SPI)Project NameCôte d’Ivoire- Bank of Africa-Côte d’Ivoire (BoA-CI)     RegionSub-Saharan AfricaSectorProject No004939Projected Board DateMarch 28, 1996Company NameBank of Africa-Côte d’Ivoire (BoA-CI)Technical Partner and/or Major Shareholders The technical partner is Bank of Africa-Benin (BoA-B), a well managed and the largest commercial bank in Benin. The major shareholders are: AFH, a holding incorporated in Luxembourg and owned by a group of African and French enterpreneurs (40%); BoA-B (15%); IFC (15%); other local shareholders (25%). Project Cost Including proposed IFC investment The total cost of the project is US$3.5 million. IFC is asked to participate in a capital increase of the revamped commercial bank for an amount of US$500,000 equivalent, which would give IFC an equity stake of up to 15% of the shareholding. IFC is also requested to provide BoA-CI with a local currency guarantee facility of up to CFA 1.5 billion (US$3 million equivalent).Location of project and Description of site Abidjan, Côte d’IvoireDescription of Company and Purpose of Project The project involves IFC participating in the acquisition, restructuring and expansion of an Ivorian commercial bank (BoA-CI). IFC is asked to participate in a capital increase of the revamped commercial bank for an amount of up to US$500,000 equivalent), which would give IFC an equity stake of up to 15% of the shareholding. The project will help BoA-CI to raise medium-term resources to expand its term finance activities without being exposed to a foreign exchange risk.Environmental Category and Issues This is an environmental review category C project and therefore no further environmental review is required.     Date SPI sent to PIC February 23, 1996For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365