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- OFID supports SMEs and corporates in Burkina Faso via €15m trade finance loan
OFID supports SMEs and corporates in Burkina Faso via €15m trade finance loan
Vienna, Austria, February 21, 2019. OFID – the OPEC Fund for International Development – has 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).
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, Bénin and Niger. OFID previously extended a €10m trade finance facility to the bank in 2010 that was also used to support trade for corporates and SMEs.
“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.”
OFID works in cooperation with developing country partners and the international donor community to stimulate economic growth and alleviate poverty in all disadvantaged regions of the world. It does this by providing financing to build essential infrastructure, strengthen social services and promote productivity, competitiveness and trade. OFID’s work is people-centered, focusing on projects that meet basic needs – such as food, energy, clean water and sanitation, healthcare and education – with the aim of encouraging self-reliance and inspiring hope for the future.