(Ecofin Agency) - The Ivorian subsidiary of Coris Bank International approved a new credit line worth CFA10 billion ($17.9 million) to local SMEs. The document was recently signed between the company and the ministry of trade, craft, and SMEs’ promotion.
This new financing of 3 years and 6 months term period will run under an annual interest rate of 9%, down from the 10% usually applied. Key beneficiaries including traders, crafters, and SMEs’ owners active in various productive businesses will receive financing ranged between CFA5-50 million.
Let’s note that in Côte d’Ivoire, SMEs represent 98% of businesses and account for 20% of national GDP.