|
|  |
| BVL |
|
| Summary of Proposed Investment |
| This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors’ consideration of the proposed transaction. Its purpose is to enhance the transparency of IFC’s activities, and this document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. |
| Project number | 27778 |
| Company name | BRED (Vanuatu) Limited |
| Country |
| Vanuatu |  |
|
| Sector | Commercial Banking - General |
| Environmental category | FI |
| Department | Reg Ind, Financial Markets, ASIA |
| Status | Hold |
|
| Date SPI disclosed | October 6, 2009 |
| Projected board date | November 9, 2009 |
|
| Overview |
Sponsor/Cost/Location |
Development Impact |
Contacts |
Attachments |
| Project description |
| This Project entails an equity investment for an approximately 10% stake in BRED Vanuatu Limited (“BVL”). BVL started its operation in March 2008, providing commercial banking services to both individual clients and commercial clients. The purpose of the project is to promote the development of the banking sector and access to finance in Vanuatu. |
|
| Project sponsor and major shareholders of project company |
| The project sponsor is BRED Banque Populaire (“BRED BP”). Founded in 1919, BRED BP is one of the oldest cooperative banks in France, and is the largest member among 20 regional banks which together comprise the cooperative bank group called Banque Populaire (“GBP”). BVL is 85% owned by COFIBRED, a 100% subsidiary of BRED. Mr. Roger Kaddour holds the minority stake of 15% through Queiros Limited. Mr. Kaddour is a businessman based in New Caledonia. |
| Total project cost and amount and nature of IFC's investment |
| This Project is an equity investment with amount of approximately Euro2.5 million. |
| Location of project and description of site |
| BVL is located in Port Vila, the capital city of Vanuatu. Vanuatu had a population of approximately 221,500, spread out over more than 80 islands in the Melanesian sub-region of the Pacific. |
|
| Anticipated development impact of the project |
| The project is expected to have a high development impact in the following areas: (1) promoting economic development in Vanuatu; (2) increasing local employment; (3) increasing access to finance by local people; and (4) supporting the development of small businesses. |
|
| IFC's expected development contribution |
| IFC’s participation in the proposed project will demonstrate IFC’s commitment to countries of the International Development Association (“IDA”). IFC’s investment in this project will have a significant role in assisting the development in the local economy. IFC’s participation is expected to promote access to finance for Vanuatu’s predominantly rural population and to support development of the financial infrastructure, thereby promoting sustainable economic growth. IFC is seen as an independent and objective advisor with an interest in institution building and the ability to balance interests of investors. IFC’s participation in BVL’s board will help improve the corporate governance structure of BVL. |
| Environmental and social issues - Category FI |
| This is a category FI project according to IFC's environmental and social (E&S) review procedure. The Bank will be required to designate individuals to be responsible for monitoring all E&S aspects of portfolio activities, and will need to submit an annual environmental performance report to IFC. It will establish an Social and Environmental Management System (SEMS) to ensure financing activities are consistent with: i) Applicable national environmental, health and safety regulations; and ii) IFC's Exclusion List. Particular attention should be paid to large-scale borrowers (if any) involved in industries with high potential E&S risks, such as coal production. The client is encouraged to explore borrowers whose business activities will have large supply chain benefits particularly in rural areas. |
|
| For inquiries about the project, contact: |
Mr. Yves Jacquot, Chief Executive Officer Cofibred
18 Quai De La Rapée, 75012
Paris, France
Email address: yves.jacquot@bred.fr |
|
| For inquiries and comments about IFC, contact: |
General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster |
|
|
|
|
|