(Ecofin Agency) - Coris Bank international has signed, on behalf of its subsidiary in Côte d’Ivoire, a guarantee agreement worth CFA1.72 billion ($3.2 million) with African solidarity fund (FSA). This initiative enables the bank to finance the creation and exploitation of a quarry in the country.   

According to FSA’s commitments, the guarantee will supersede the borrower when the latter fails to pay back the loan, but only up to a previously agreed percentage.

As for Coris Bank Côte d’Ivoire, this is an opportunity to increase the portfolio of its loan in the economy, while minimizing pressure on its fundamentals and comply with the standards to be followed by WAEMU’s commercial banks as far as risks taking are concerned.

Official data on the bank’s  activities in 2017 are not yet available but, in terms of guarantee,  the fund has granted nearly CFA29 billion in 2016, supporting the financing of 28 projects by various banks in the region.

Chamberline Moko