Abidjan, Côte d’Ivoire, December 16, 2013
-- IFC, a member of the World Bank Group, has committed a $2 million
trade finance guarantee to Bank of Africa Côte d’Ivoire and signed an
agreement to provide the bank with advisory services to help it increase
lending to smaller businesses in the country.
IFC’s support for BOACI will help hundreds
of the bank’s small business clients gain financing to engage in cross-border
trade, or to take loans to buy equipment or material for expansion. IFC’s
advisory support program aims to help BOACI grow its portfolio of small
business loans by 20 percent by 2016.
Lala Moulaye, Director General of the BOACI,
said, “The trade finance guarantee from IFC will allow us to better support
Côte d’Ivoire’s smaller importers and exporters. This partnership will
help BOACI finance smaller businesses, grow its SME portfolio, and enhance
its presence in international markets.”
Peer Stein, IFC Access to Finance Advisory
Director, said, “IFC’s partnership with BOACI will help strengthen Côte
d’Ivoire’s financial infrastructure and its small business sector, which
plays a critical role in job creation and the health of the country’s
economy. IFC is committed to Côte d’Ivoire’s long-term growth and our
investments in the country are expected to total $250 million this fiscal
IFC’s one-year advisory support program
is specifically designed to help BOACI improve its market knowledge of
the SME sector, roll out an SME strategy, and improve its risk management
framework. IFC will also train about sixty BOACI staff on risk management
and working with SMEs.
The $2 million trade finance facility, provided
by IFC’s Global Trade Finance Program, will allow BOACI to establish working
partnerships with a number of major international and regional confirming
banks in the program, strengthening regional trade.
Although Côte d’Ivoire is one of the strongest
and most diversified economies in West Africa, its smaller businesses still
struggle to obtain the financing and support they need to expand or take
on more employees.
IFC’s partnership with BOACI is part of
its broader strategy to help Côte d’Ivoire’s smaller businesses more
easily obtain financing and access training opportunities. IFC is also
supporting growth in Côte d’Ivoire’s power, tourism, and agribusiness
sectors and, with the World Bank, is advising the country on investment
IFC, a member of the World Bank Group, is the largest global development
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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
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