Washington, D.C., December 4, 2013 —
IFC, a member of the World Bank Group, and Société Générale have co-arranged
a $300 million facility for Cote d’Ivoire’s only oil refinery that will
help guarantee a steady supply of critical energy imports for the country
and its landlocked neighbors.
IFC and Société Générale will each participate with up to $100 million
in the facility for Societe Ivoirienne de Raffinage (SIR), which supplies
effectively all of the refined petroleum products in Cote d’Ivoire as
well as Burkina Faso, Mali, and other countries in western Africa. BNP
Paribas and Standard Chartered Bank will also participate in the financing.
The structured trade facility will finance around $2 billion of oil imports
over the next two years helping prevent interruptions in the fuel supply
that could have a negative effect on Côte d’Ivoire and its redevelopment.
By helping stabilize the regional energy supply, IFC and its partners
believe this facility may help mitigate price spikes that drive up costs
for both businesses and households and often have the most adverse effects
on the poorest. The financing will also help SIR to regain access to the
international financial markets.
“SIR’s production touches the lives of millions of people by providing
them with energy for their homes and businesses and gasoline for their
trucks to get products to market,” said Georgina Baker, IFC Director for
Global Trade and Supply Chain Solutions. “This facility will ensure that
the company continues to provide the refined fuel essential for day-to-day
life and commerce in West Africa.”
"Société Générale is delighted by yet another example of cooperation
in Africa with our partners at the IFC in this new key financing line for
the SIR, a long standing relationship of the Group through Société Générale
de Banques en Côte d'Ivoire and Société Générale Corporate & Investment
Banking,” said Federico Turegano, Global Head of the Natural Resources
and Energy Financing group at Société Générale Corporate & Investment
IFC will also work with the refinery to further review its environmental
standards in line with international best practices, to help restore the
strong performance it enjoyed before the conflict.
The initiative is an evolution of IFC’s Critical Commodity Finance Program,
launched in 2012 to facilitate imports of energy-related goods in the world’s
poorest countries. Total commodity trade supported by the CCFP facilities
has exceeded $9 billion, with 60 percent reaching Africa. A similar facility
signed last year in Mauritania has financed 500,000 tons of fuel imports.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital,expertise, and
influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit