Dakar, Senegal, February 26, 2014—IFC,
a member of the World Bank Group, launched a risk-sharing facility with
Banque Internationale pour le Commerce et l’Industrie du Sénégal
that will improve access to finance
for the agribusiness and trade sectors in Senegal. The facility will
provide $20 million for up to three years to support the financing needs
of firms in this sector through the IFC Global Warehouse Finance Program.
IFC and BICIS will partner to provide borrowers with financing against
the value of their produce, using a collateral management agreement.
“With support from IFC, we look forward
to better supporting our clients involved in the production and trade of
agricultural products in Senegal, providing them with financing to do more
business,” said Pierre Beregovoy, Managing Director.
The program will enable the increased production
of export commodities to spur trade and economic development in Senegal.
It will also help boost the availability of critical cereals like corn,
rice, and wheat to promote local food security.
Saran Kebet-Koulibaly, IFC Director for West
and Central Africa, said: “IFC is committed to improving food security
in Africa. Our support for BICIS will help food importers increase volume,
and exporters of cash crops to support the livelihood of many small farmers
IFC started the Global Warehouse Finance
Program in 2010 to increase working-capital financing for farmers, traders,
and exporters in emerging markets, by leveraging their own production.
The program is expected to reach up to 241,000 farmers across emerging
markets in all regions and contribute to food availability for 15 million
people by 2015.
Created in 1962, the International Bank for
Trade and Industry of Senegal (BICIS) is a limited company with a capital
of 10 billion CFA Francs of which BNP Paribas, the Government of Senegal
and private Senegalese are shareholders. It has a network of thirty-six
branches and a Center dedicated to Corporate Clients. BICIS is one
of the largest banks in Senegal and is part of the BNP Paribas Group which
is present is fifteen (15) countries in Africa. It has developed
and wide range of products and services to cater to the needs of its Retail
and Professionals Clients, as well as its Corporate (Large Corporates and
SME-SMI) and Institutional Clients.
BICIS has regular and sustained CSR (Corporate
Social Responsibilities) activities in several areas: art and culture (e.g.
Jazz Festival of Saint-Louis), health (e.g. fight against malaria), education,
For more information, visit http://www.bicis.sn
About BNP Paribas
BNP Paribas (www.bnpparibas.com)
has a presence in nearly 80 countries and 190,000 employees, including
more than 145,000 in Europe. The Group holds a strong market position in
its three (3) key business lines: Retail Banking, Investment Solutions
and Corporate & Investment Banking. In Europe, the Group has
4 domestic markets (Belgium, France, Italy and Luxemburg) and BNP Paris
Personal Finance is the number one retail lender. BNP Paribas is
also developing its integrated retail banking model in the southern
rim of the Mediterranean, in Turkey, Eastern Europe and an important network
in the Western United States. In its Corporate
& Investment Banking and Investment Solutions activities, BNP Paribas
enjoys a leadership position in Europe and strong presence in the Latin
America as well as a sound framework and strong growth in Asia-Pacific.
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in more than 100 countries, we
use our capital, expertise, and influence to help eliminate extreme poverty
and promote shared prosperity. In FY13, our investments climbed to an all-time
high of nearly $25 billion, leveraging the power of the private sector
to create jobs and tackle the world’s most pressing development challenges.
For more information, visit www.ifc.org