Côte d'Ivoire: Coris Bank secures US$19.4 mln to support SMEs
Friday, 29 July 2022 16:37
The guarantee to Coris Bank comes a few days after the one Proparco provided to Vista Bank Burkina Faso. It will fund importers of essential goods.
Coris Bank Côte d’Ivoire announced Thursday (July 28), a €19 million (about US$19.4 million) guarantee secured from Proparco, the French Development Agency (AFD)’s agency in charge of private sector development.
The financing was granted to support SMEs and SMIs operating in Côte d’Ivoire’s international trades. It is a credit line awarded in the framework of Proparco’s Trade Finance program, which already benefited Vista Bank Burkina (July 26, 2022).
Through this guarantee, Proparco is committed to covering up to €19 million of loans granted by the Ivorian commercial bank to local SMIs and SMEs. The financing will be made available to companies that import essential goods, notably commodities and agricultural products, as well as industrial equipment. It aims to support and develop the local private sector.
The amount to be allocated to each company as well as the financing terms have not been specified. In Côte d'Ivoire, AFD claims to have allocated more than XOF130 billion (US$202.5 million) to the private sector.
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