CENTRAL AFRICAN STATES DEVELOPMENT BANK. Private sector. borrower s guide
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1 CENTRAL AFRICAN STATES DEVELOPMENT BANK Private sector borrower s guide
2 TABLE OF CONTENT 1. Introduction...3 II. III. Eligible sectors...4 Financial products...4 IV. Eligibility requirements...4 Beneficiaries...4 Eligible sectors...5 Geographical Scope...5 Loan size limit...5 V. Loan application checklist... 6 VI. Processing times...7 VII. Financial conditions...7 Currency...7 Interest rate...7 Loan duration...7 Fees...7 VIII. Other general requirement BDEAC -Private sector borrower s guide
3 I. INTRODUCTION The Central African States Development Bank, BDEAC, is the Development Financing Institution of the Economic and Monetary Community of Central Africa (CEMAC), comprising Cameroon, Central African Republic, Congo, Gabon, Equatorial guinea and Chad. BDEAC was founded on 3 December 1975, and aims to: Foster the socio economic development of CEMAC countries through the financing of national, regional and economic integration projects Provide assistance to Governments, sub regional organisations, financial institutions and various economic players in their efforts to raise financial resources and finance projects; Support Governments, sub regional organizations, and economic players in financing projects and feasibility studies. The purpose of this guide is to provide prospective borrowers in the private sector with a better understanding of BDEAC s general lending criteria. BDEAC -Private sector borrower s guide 3
4 II. ELIGIBLE SECTORS BDEAC provides financing for private sector projects in various areas such as : Infrastructures (energy, telecommunications, ports, airports, railroads, roads, transportation equipment, educational and materials, etc.); Industries and agro-industries, mining; Agriculture, animal husbandry, fisheries; forestry and rural development; Real estate, hotels; Information and Communications Technology (ICT); Education and health. III. FINANCIAL PRODUCTS The Bank offers the following financial products to private sector enterprises : Medium or long term direct loans; Leasing; Equity participation (only for sub regional or regional companies); Endorsements and Guarantees; Grants for feasibility studies; Refinancing facilities (to commercial banks and microfinance institutions for on lending). BDEAC s risk management strategy involves default risk sharing by means of co-financing with other banks and facilitating joint financing arrangements. IV. ELIGIBILITY REQUIREMENT Beneficiaries Any legal person from CEMAC or outside CEMAC with an investment project in the Sub region may be eligible for a BDEAC loan. 4 BDEAC -Private sector borrower s guide
5 Eligible Sectors Applications for loans shall be related to aforementioned eligible sectors (see title II). Geographical Scope BDEAC mainly operates in CEMAC countries, i. e. Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad. However, the Institution may finance a project beyond CEMAC borders, if such investment offers strong returns, or opportunities for at least one (1) CEMAC Member country. Loan size limit The minimum amount of BDEAC s direct loans is CFAF 200 million. Applications from prospective borrowers are considered subject to meeting the requirements listed (albeit not exclusively) below : The project initiator shall be a company incorporated under OHADA Law in a CEMAC Country; The project shall display a positive market outlook; The project shall be able to create jobs and wealth; The project shall be potentially profitable; The requested loan may not exceed 50% of the project s total cost, excluding taxes; The project initiator shall provide equity to cover 30% of project s total cost, including taxes; The project should involve co-financing from another financial institution or bank; The project should comply with the requirement of relevant environmental safeguard norms; For each loan, BDEAC requires guarantees and/ or securities from the borrower. BDEAC -Private sector borrower s guide 5
6 V. LOAN APPLICATION CHECKLIST Loan applications from private sector enterprises should include the following : A loan request indicating the project cost and the amount requested from BDEAC; The Borrower company s information in the form of : Company s statutes and incorporation evidences; Relevant licenses and authorizations. CVs of Company s top executives; A project feasibility study or a business plan with a detailed: Overview of the sector; Market analysis; Technical study of the project in its various aspects; Financial analysis; Social and economic analysis; A Study of the Social and Environmental Impact (EIES) for major industrial, agro-industrial or infrastructure projects, and an environmental compliance certificate; Certified financial statements for past three years, if applicable; The latest activity report, if applicable; Statement of incurred costs and sources of funding thereof (for existing projects); Letters of intent from prospective co-lenders and conditions underpinning their loans; Copies of existing technical and commercial agreements, if applicable. 6 BDEAC -Private sector borrower s guide
7 VI. PROCESSING TIMES Applications are usually processed in one month or less than three months. However, incomplete applications may result in delays. VII. FINANCIAL CONDITIONS Loans granted by BDEAC are subject to a loan agreement. Such agreement provides for financial conditions such as: Currency Loans granted by the Bank are usually denominated in CFA Francs. However, lending may occur in any other freely convertible currency (Euro, American Dollar,etc.). Interest rate BDEAC s interest rates are determined within the framework of annnual programming, depending on project s sector and specifications. These rates are tax-exempt. Loan duration BDEAC does not provide short-term financing. Its operations mainly consist of mid term (3 to 10 years) or long term (10 to 20 years) financing. Loans maturity always includes the grace period (three years for shortterm loans, and up to seven years for long-term loans). Fees A front-end fee of 1% of the loan amount is charged; A commitment fee is charged on the amount held available for future disbursement. This rate varies between 0.50% and 1.25% per annum; Other fees may be charged in the event of a financia arrangement for instance. BDEAC -Private sector borrower s guide 7
8 VIII. OTHER GENERAL REQUIREMENTS The use of BDEAC s loan for the procurement of goods and services by the borrower shall be subject to a call for tender. 8 BDEAC -Private sector borrower s guide
9 BDEAC Project Cycle Stages BORROWER BDEAC PROJET CYCLE STAGE EXPLAINED IDENTIFICATION LOAN Application Application file Compliance check No Yes Project appraisal This is the stage whereby Application files are submitted for vetting. IMPLEMENTATION APPROVAL APPRAISAL Additional requirements to be satisfied Feedback to prospective borrower Feedback to borrower Repayment BOARD APPROVAL No Yes Signin of the loan agreement Fullfillement of conditions precedent No Yes Disbursements Follow up of the project s execution Ex-post Evaluation COMPLETION Project appraisal entails a thorough situation analysis and review of the project. Project approval refers to approval by the Board of Directors. Disbursements are made subject to conditions precedent being fulfilled or waived. The post-evaluation is carried out once the projetc has been achieved. For more information please us at bdeac@bdeac.org or visit our website at : BDEAC -Private sector borrower s guide 9
10 BDEAC ADDRESSES Website: HEADQUARTERS Congo Brazzaville Boulevard Denis SASSOU N GUESSO PO BOX: 1177, Brazzaville (Republic of Congo) Tél. : COUNTRY OFFICES Cameroon Intek building - 3 rd floor 1045, rue Narvick PO BOX: 35289, Yaoundé Tél.: Fax: rcam@bdeac.org Central african Republic OAPI Building Rue du 18 janvier rcen@bdeac.org Gabon DELTA ASSUR (former Ogar-Vie) Building PO BOX: 49321, Libreville Tél.: Fax: rgab@bdeac.org Equatorial Guinea Office Opposite EGICO EBO1-2 nd floor Malabo 2 Malabo Tél. (240) rgeq@bdeac.org Tchad CEBEVIRHA building PO BOX: 2 900, N Djamena Tél. : (235) (235) rtch@bdeac.org 10 BDEAC -Private sector borrower s guide
11 BDEAC -Private sector borrower s guide 11
12 CENTRAL AFRICAN STATES DEVELOPMENT BANK Congo Brazzaville (headquarters) Boulevard Denis SASSOU N GUESSO PO BOX 1177, Brazzaville Tél. : bdeac@bdeac.org Website :
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