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Supporting financing for primary commodity imports and investment in Burkina Faso
Project
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Signature date
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Location
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Burkina Faso
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Financing tool
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Financing amount (Euro)
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30000000
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Financing details
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EUR 30m Guarantee
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Customer
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CORIS BANK INTERNATIONAL
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Type of customer
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Financial institution
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Country of headquarters
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Burkina Faso
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Project number
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PBF1026
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
The guarantee package allocated by Proparco amounts to EUR 19m. It will allow Coris Bank International SA (CBI SA) to strengthen its import finance activity (such as for agricultural commodities, capital goods and medical goods) in Burkina Faso, which is essential for the functioning of the local economy.
Client presentation
Coris Bank International SA (CBI SA) is the main subsidiary of Coris Group, a banking group with a pan-African vision which aims to be the reference bank for MSME support in Africa. CBI SA is the leading bank in Burkina Faso and one of the largest banks in the WAEMU zone. It has the most extensive network of branches in Burkina Faso with over 900,000 clients, making this institution a major player in the country’s banking system. The bank is also very active in financing the country’s imports.
Project description
The project involves the allocation of a EUR 30m guarantee package for Trade Finance instruments to Coris Bank International SA. This line, with a two-year maturity, will support financing for primary commodity imports and investment in Burkina Faso.
This two-year facility allocated by Proparco will allow CBI SA to issue Trade Finance instruments for an amount of up to EUR 30m, with a guarantee from AFD Group of up to 100%.
In addition to supporting the bank on international markets, the facility aims to encourage foreign banks to engage in Trade Finance operations with Coris Bank International and its local clients. It thereby promotes the development of international trade by facilitating the import of essential goods. This improves access to consumer products and industrial and medical equipment and materials.