• IFC considers $100 million loan for Coris acquisition
• Funds support purchase of 59.81% stake in Cape Verde’s BCA
• Deal aims to boost SME lending, pending board approval

The International Finance Corporation (IFC), the World Bank Group’s private-sector arm, is considering a senior loan of up to $100 million to support West African financial group Coris Holding, controlled by Burkinabe businessman Idrissa Nassa.

The financing would fund the acquisition of a 59.81% stake in Banco Comercial do Atlântico (BCA) of Cape Verde from Portuguese state-owned bank Caixa Geral de Depósitos (CGD), with the option to acquire additional minority stakes on the open market.

The loan would have a five-year maturity and be denominated in dollars or euros. The IFC would commit up to $40 million from its own account, with the remaining $60 million to be mobilized from partner investors.

Discussions are underway with the Managed Co-Lending Portfolio Program FIG III (MCPP FIG III) for a dollar-denominated tranche. Coris is also seeking euro-denominated financing, which would be better aligned with Cape Verde’s euro-pegged currency regime, and is exploring that option with investment banks and specialized funds.

Through the transaction, Coris Holding, headquartered in Burkina Faso and operating across 10 West African countries, aims to expand its regional footprint. The group plans to increase financing for small and medium-sized enterprises (SMEs) in Cape Verde, where access to credit remains limited for many businesses. The MSME financing gap in the country is estimated at $270 million, equivalent to roughly 14.7% of GDP. Coris also intends to leverage its West African experience to improve access to credit and strengthen Cape Verde’s private sector.

Coris Holding officially announced the planned acquisition of BCA in March 2024, subject to regulatory approvals. On Jan. 16, the banking group confirmed it had finalized the acquisition of the full Portuguese stake in Banco Comercial do Atlântico.

The IFC board is expected to approve the financing at a meeting scheduled for Monday, March 23.

Sandrine Gaingne