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Coris Bank International, a Burkina Faso-based banking firm led by Idrissa Nassa, has successfully received a $5-million trade finance loan from the International Finance Corporation (IFC), a World Bank firm member, in a strategic move targeted at boosting trade activity in Guinea.
The $5 million IFC Global Trade Finance Program (GTFP) facility will support Coris Bank International Guinea’s trade finance operations by providing guarantees.
By lowering risks in an unpredictable economic situation, these guarantees will allow Coris Bank to assist more firms in funding the importation of critical products such as food, building materials, and automobiles.
This recent initiative by the IFC is consistent with its larger $1 billion Africa Trade and Supply Chain Finance (ATRI) Program. The program aims to promote regional trade across Africa while addressing the continent’s trade finance shortfall, which is worsened by the continued challenges faced by the COVID-19 pandemic.
Christelle Dieng, general director of Coris Bank International Guinea, stressed the importance of this collaboration with IFC, underlining the possibility to form strategic connections with respectable institutions. The collaboration is projected to provide critical guarantees, boosting trade development between Guinea and the global market.
Claude Owona, IFC’s manager for financial services in West Africa, emphasized the importance of trade in Guinea, especially in a country with enormous natural resources. He stressed the significance of increasing trade finance to support company activity, job creation, and general economic growth, particularly in light of regional and global economic uncertainty.
Coris Bank International, founded in 2008 by Idrissa Nassa, has grown rapidly. The Burkina Faso-based financial services group’s capital has grown from $3 million to an amazing $9 billion thanks to the widespread operations of its subsidiaries in Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau.
Under Nassa’s guidance, Coris Bank International expanded its reach by establishing Coris Bank International Guinea in 2021. The subsidiary has shown tremendous activity in Guinea’s banking sector, establishing itself as a key financial partner in the country.
Coris Bank International Guinea seeks to significantly contribute to Guinea’s economy by implementing a universal banking model with an emphasis on small and medium-sized enterprises (SMEs).
