DEVELOPMENT NEWS
Trade finance and SMEs in Burkina Faso
By Anna Ilaria-Mayrhofer
In February, OFID signed a €15 million trade finance loan agreement with Coris Bank International SA (CBI SA), Burkina Faso, to support on-lending to corporates and small and medium- size enterprises (SMEs). This is the second such
transaction concluded with Coris bank; OFID having previously extended a €10m trade finance facility in 2010 that was also used to support trade for corporates and SMEs.
CBI SA, which focuses on
providing support to corporates and SMEs, is the largest bank in Burkina Faso, with subsidiaries in Côte d’Ivoire, Togo, Mali, Senegal, Benin and Niger. “This term loan builds on our existing partnership with Coris Bank,” said OFID Director-General Dr Abdulhamid Alkhalifa. “The benefits of international trade and a thriving SME sector are well known. We are pleased to have the opportunity to support Burkina Faso in this respect. This project is in line with OFID’s mandate of supporting
sustainable socioeconomic growth in developing countries around the world.” CBI’s Director-General Diakarya
Ouattara commented: “The renewed confidence in Coris Bank International through this new loan agreement shows that OFID is not indifferent to the actions of our institution toward SMEs. Indeed, our vision, since the creation of Coris Bank International, is clear: to be the reference bank in Africa in support of SMEs. SMEs are the core target of Coris Bank International and represent more than 60 percent of our corporate portfolio.”
€15m Trade finance loan
“The benefits of international trade and a thriving SME sector are well known. We are pleased to have the opportunity to support Burkina Faso.”
OFID Director-General Dr Abdulhamid Alkhalifa 33
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