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Coris Bank International, a Burkina Faso-based banking group led by Idrissa Nassa, has successfully secured a $5-million trade finance facility from the International Finance Corporation (IFC), a member of the World Bank Group, in a strategic move aimed at stimulating trade activities in Guinea.
The $5 million facility, part of IFC’s Global Trade Finance Program (GTFP), will play a pivotal role in providing guarantees for trade finance operations conducted by Coris Bank International Guinea.
By mitigating risks in an uncertain economic climate, these guarantees will empower Coris Bank to facilitate more businesses in financing the importation of vital goods, ranging from food to construction materials and vehicles.
Strategic Alliance: Coris Bank Guinea partners with IFC for trade development
This latest move by IFC aligns with its broader $1-billion Africa Trade and Supply Chain Finance (ATRI) Program. The initiative is designed to foster regional trade across Africa while addressing the continent’s trade finance gap, further exacerbated by the ongoing challenges posed by the COVID-19 pandemic.
Christelle Dieng, general director of Coris Bank International Guinea, emphasized the significance of this partnership with IFC, highlighting the ability to forge strategic alliances with reputable institutions. The collaboration is expected to provide essential guarantees, further bolstering trade development between Guinea and the global market.
Claude Owona, IFC manager for financial services in West Africa, underscored the pivotal role of trade in Guinea, particularly in a nation endowed with abundant natural resources. He emphasized the importance of expanding trade finance to support business activities, job creation, and overall economic growth, especially in the face of regional and global economic uncertainties.
Coris Bank International’s Growth and Expansion
Since its establishment in 2008 by Idrissa Nassa, Coris Bank International has experienced remarkable growth. The Burkina Faso-based financial services group’s capital has surged from $3 million to an impressive $9 billion through the broad-based operations of its subsidiaries in Cote d’Ivoire, Mali, Togo, Senegal, Benin, Niger, and Guinea-Bissau.
Under the leadership of Nassa, Coris Bank International expanded its footprint by launching Coris Bank International Guinea in 2021. The subsidiary has demonstrated significant dynamism within Guinea’s banking sector, positioning itself as a leading financial partner in the country.
Adopting a universal banking model with a focus on supporting small and medium-sized enterprises (SMEs), Coris Bank International Guinea aims to contribute significantly to the backbone of Guinea’s economy.
