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Banking in Burkina Faso
Coris Bank International and the OPEC Fund’s cross-departmental cooperation
As published in the 01/2020 issue of the OPEC Fund Quarterly
Idrissa Nassa, the President of Coris Group.
While on a high-level mission, OPEC Fund Director-General Dr Abdulhamid Alkhalifa met with Idrissa Nassa, the President of Coris Group and Diakarya Ouattara, CEO of Coris Bank International (CBI) – the largest bank in Burkina Faso. CBI focuses on small and medium-sized enterprises (SMEs) and is active in all economic sectors in the country.
Dr Alkhalifa, Ouattara and Nassa discussed the importance of private sector support for development, and the integral part SMEs play in driving economic growth. The OPEC Fund has provided two trade finance loans to CBI that were used to support the import and export of strategic goods such as cotton, rice and grains, as well as machinery and equipment.
The OPEC Fund’s public and private sector teams work together closely to achieve the common goal of supporting development in Burkina Faso – and globally. The West African country has benefitted from twelve trade finance operations, for a total amount of US$348 million (in addition to the more than 40 public sector loans amounting to nearly US$300 million). In line with this cooperation, the meeting of Dr Alkhalifa, Ouattara and Nassa in Burkina Faso was organized by a cross-departmental OPEC Fund team, including private and public sector staff.
The OPEC Fund and CBI will look to deepen their relationship in Burkina Faso, and on a regional basis. The bank has expanded its presence and is now also present in Côte d’Ivoire, Togo, Mali, Benin, Senegal and Niger.
The OPEC Fund loans to CBI were used to support the import and export of strategic goods such as cotton, rice and grains.
Read more about Dr Alkhalifa's mission to Burkina Faso.