DCM WAEMU MSME MULTI-SELLER ABS Program

active

  The Project entails IFC being an anchor investor for up to XOF17 billion (c.US$29.5 million) into the senior tranche of a new compartments in the “FCTC KEUR SAMBA”, a securitization fund and regulated bankruptcy-remote a special purpose vehicle (SPV) established in the West Africa Economic and Monetary Union (WAEMU) by BOAD Titrisation (the Arranger and SPV Manager) and NSIA Banque Côte d’Ivoire (The custodian). This SPV will issue a bond for a total issuance amount of XOF52 billion (approximately US$90.4 million) and use the proceeds of the issuance to essentially acquire loans receivables from MSMEs and individual borrowers originated by NSIA Banque Benin (or the ‘’Bank’’) and its branch operations in Senegal and Togo, on a true sale basis. The resulting ABS will have a maturity of 5 years and be publicly placed in on the BRVM. NSIA Banque Benin shall then use the funds to expand its lending capacity to MSMEs across Benin, Togo, and Senegal, with at least 25 percent of the proceeds supporting women-owned/led MSMEs (WMSMEs) and 10 percent supporting Climate Finance. The Project is expected to be supported by the International Development Association (IDA) Private Sector Window (PSW) Local Currency Facility (“IDA-PSW LCF”)”