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Summaries of proposed guarantees are provided prior to Board consideration and final contract signing, and therefore are subject to change. Project briefs are disclosed after contract signing and do not reflect subsequent modifications (e.g., changes in guarantee amount).
Project Name Cogebanque
Guarantee Holder ShoreCap International Ltd
Investor Country Cayman Islands
Host Country Rwanda
Sector Banking
Gross Exposure ($million) 2
Fiscal Year 2008
Status Proposed
Project Number 7573
Environmental Category C
Date SPG disclosed April 16, 2008
Projected Board date May 1, 2008

Project Description

This summary covers an investment by ShoreCap International (SCI) of the Cayman Islands in the Companie Générale de Banque in Rwanda (Cogébanque). The investor has applied for a MIGA guarantee of $2 million for a period of up to 10 years against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project consists of an investment by SCI and two foreign sponsors to help Cogébanque improve its services and to satisfy the recent increase in the minimum capital requirement to RWF 5 billion (approximately $9.2 million) mandated by the Rwandan Central Bank. Cogébanque was established in 1999 and has experienced steady growth for the past five years. The bank offers deposit mobilization products and credit facilities to corporations, small and medium-size enterprises (SMEs), retail clients, and individuals. SCI will provide technical assistance to Cogebanque in the following areas: strengthening credit services for SME; developing internal audit and controls; developing its human resources department; and ongoing training and coaching in key areas.

Environmental Categorization

The project is a Category C under MIGA’s environmental review procedures. 

Development Impact

Fostering broad-based growth in rural economic activity and in the private sector, including SMEs, is an important element of Rwanda’s continuing economic recovery. The investor is committed to providing quality financial services to SMEs, which, despite existing efforts within the financial system are finding it difficult to access bank loans. In addition to its core loan products, deposit services will play an important part in the bank’s overall outreach. Of all the fully licensed commercial banks, it has the widest branch network and widest customer base among the rural population.

MIGA’s participation in the project is aligned with the agency’s priority of supporting investment into IDA-eligible (the world’s poorest) nations. If MIGA proceeds with the project, it will be underwritten through MIGA’s Small Investment Program.

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