DCM PEPT ABS II

active

  The proposed transaction consists of an investment of up to XOF15.8 billion (US$28.3 million eq.) in a new issuance of up to XOF60 billion (US$107.2 million eq.) asset-backed securities of FCTC EPT, a special purpose vehicle (the FCTC or SPV) and existing IFC client in Côte d’Ivoire (the Project). This would be IFC’s second investment in FCTC and would take the form of two Unfunded Risk Participations (URPs). IFC will provide i) a 100% URP covering up to XOF7.7 billion (US$13.7 million eq.) to Société Ivoirienne de Banque (SIB) to support its participation in the 10-year Tranche B, and ii) an 80% URP covering up to XOF8.2 billion (US$14.6 million eq.) to the Emerging Africa and Asia Infrastructure Fund (EAAIF) to support its participation in the 15-year Tranche C.The Project will finance up to 606,702 connections (including 423,828 new) for low-income households, in addition to 405,000 financed under PEPT I (#46344). The SPV’s assets are receivables from low-income households originated and managed by Compagnie Ivoirienne d’Électricité, the national grid company corresponding to grid connection costs. As PEPT I, the issuance will be labeled a Social Bond,the second in the region.