Baobab CIV Social/GET-eligible Bond

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The project is an investment of up to XOF 6 billion (EUR 9.2 million equivalent) in a senior unsecured bond issued by Baobab Côte d'Ivoire, for a total issuance size of up to XOF 20 billion (EUR 30.5 million).

Project ID 56874

Status Signed

Location

Industry Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Rokia Bamba
rbamba@baobab.com
+225 05 75 582 270
+225 22 41 13 46
www.baobab.com/ci
1515 Rue des Jardins, II Plateaux Vallon (Cocody), 06 BP 1664 Abidjan 06, Côte dIvoire

Project ID 56874

Status Signed

Location

Industry Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

09 Sep 2026

Disclosure date

14 Sep 2026

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Project Objectives

The proceeds of the issuance will primarily support on-lending to women-led MSMEs (80%), complemented by financing for private education facilities serving low- and middle-income households (10%) and eligible green projects (10%) in Côte d'Ivoire.The project will help narrow the gender financing gap by increasing access to credit to women-led businesses, thereby promoting financial inclusion and women's economic participation.

Transition Impact

ETI score: 74

The primary quality of the investment is Inclusive. The Project will contribute significantly to economic inclusion through the provision of financing to women-led micro, small and medium-sized enterprises and women entrepreneurs underserved by the banking sector, as well as private education facilities catering to low- and medium- income households across Côte d'Ivoire.

The secondary quality of the investment is Resilient. The Project will contribute to local capital market development by introducing an innovative local currency instrument listed on the local stock exchange. The project is among the first issuances of its kind in Côte d'Ivoire and will contribute to a broadening of the range of sustainable investment products available to investors and supporting the development of long-term local currency capital markets.

Client Information

BAOBAB COTE D'IVOIRE SA

Baobab Côte d'Ivoire is a leading microfinance institution and a subsidiary of the international Baobab Group. Established in October 2010, the company specializes in providing financial services to underserved individuals and MSMEs across Côte d'Ivoire. The institution operates through a network of 38 branches nationwide. As of December 2025, Baobab Côte d'Ivoire served over 320,000 clients, held approximately 29% market share in outstanding loans, maintained a loan portfolio of XOF 209bn (EUR 317m), and managed customer deposits totalling XOF 103bn (EUR 157m). The company is recognized as a key player in promoting financial inclusion and supporting the growth of the MSME sector in Côte d'Ivoire.

Baobab Côte d'Ivoire is part of Baobab Group, a regional microfinance institution operating in seven African countries (Côte d'Ivoire, Senegal, Burkina Faso, Mali, Nigeria, DRC and Madagascar) and headquartered in Paris, France.

EBRD Finance Summary

XOF 9,000,000,000.00

The EBRD investment is up to 30% in Baobab Côte d'Ivoire bond issuance (up to XOF 6 billion or EUR 9.2 million). The proceeds of the EBRD investment will be used to support on-lending to women-led MSMEs (80%), affordable private education (10%) and eligible green projects (10%).

Total Project Cost

XOF 23,000,000,000.00

The total issuance size is up to XOF 20 billion (EUR 30.5 million). IFC is participating as an anchor investor. The remaining investor base is expected to consist of banks and other institutional investors.

Additionality

EBRD's participation in the issuance helps introduce innovative capital market instruments, mobilise long-term local currency funding that is not currently available at sufficient scale domestically, and catalyse private capital towards an innovative sustainable financing instrument.

Green assessments

The Project is assessed as Paris aligned based on the application of the Bank's Paris alignment approach for indirect finance: (i) defined use of proceeds, (ii) applicable exclusions, and (iii) the client's commitment to make their finance flows consistent with a transition towards low greenhouse gas emissions and climate-resilient development.

Technical Cooperation and Grant Financing

The issuer will benefit from two Technical Cooperation (TC) initiatives. The first will support the preparation and execution of the first issuance of its kind in Côte d'Ivoire through pre-issuance and issuance advisory services. The second TC will provide financial literacy, business planningand management training to existing and prospective women-led MSME clients of Baobab Côte d'Ivoire, strengthening their financial capabilities and supporting the growth of women-led enterprises.

Company Contact Information

Rokia Bamba
rbamba@baobab.com
+225 05 75 582 270
+225 22 41 13 46
www.baobab.com/ci
1515 Rue des Jardins, II Plateaux Vallon (Cocody), 06 BP 1664 Abidjan 06, Côte dIvoire

PSD Last Updated

14 Sep 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Baobab CIV Social/GET-eligible Bond

Overview

Project timeline

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

Baobab CIV Social/GET-eligible Bond

Overview

Company Contact Information

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Total Project Cost

Additionality

Environmental and Social Summary

Green assessments

Technical Cooperation and Grant Financing

Company Contact Information

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)