47431 - GTFP CORIS COTE D IVOIRE

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Summary of Investment Information

Project Number

47431

Company Name

CORIS BANK INTERNATIONAL COTE D'IVOIRE

Date SPI Disclosed

Nov 18, 2023

Country

Cote D'Ivoire

Region

Africa

Projected Board Date

Oct 31, 2023

Environmental Category

FI-3 - No Impact

Status

Pending Disbursement

Last Updated Date

Nov 19, 2025

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Nov 11, 2004
Signed : Sep 14, 2022

Sector

Commercial Banking - Trade

Project Description

The proposed project is an unfunded trade finance facility under IFC’s Global Trade Finance Program (“GTFP” or the “GTFP Facility”) of up to US$15 million, booked under the Africa Trade and Supply Chain Recovery Initiative (“ATRI”), benefiting from a 25 percent pooled first loss guarantee. The purpose of the proposed IFC trade line is to reduce Coris Bank International Côte d’Ivoire’s (the “Bank” or “CBI CIV”) reliance on CBI Burkina Faso affiliate and to support the strategic plan of the Bank’s management to grow its international trade business, knowing the business sector is mostly cash-driven and suffers from the de-risking of Correspondent or Confirming Banks.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee	7000.0
Loan
Equity

Development Impact

The project builds on GTFP’s global platform, increasing access to trade finance to emerging markets. The Project will provide increased access to trade finance to the Issuing Bank’s customers, including both corporates and SMEs. On the market side, the project will further connect the Issuing Bank’s cross border connections, increasing the country’s integration through both financial and real sector channels. It will help to link more traders to other countries and connect the country’s financial markets more deeply.

1. A non-financial source of additionality includes GTFP’s catalytic role as a trusted facilitator among cross border correspondent banks. GTFP’s guarantee structure helps to reduce key elements of confirmation risk for banks that provide this essential service for trade finance. 2. The Project taps GTFP’s global financial institution network for trade finance, which, along with IFC’s trade finance due diligence expertise, increasing the probability of new cross border relationship formation for the Issuing Bank. 3. IFC provides comfort to the Confirming Banks by mitigating non-commercial non-environmental and social risks, such as country, regulatory, project, or political risks, while adhering to IFC’s principle of political neutrality. 4. The Project is expected to help the Issuing Bank strengthen its trade finance operations. In addition, the Issuing Bank will benefit from IFC’s technical expertise in redesigning its trade solutions and marketing materials.

E&S Category Rationale / Risks and Mitigation

This Project will support short-term trade finance activities. The E&S risks and impacts associated with these activities are considered low and the project has therefore been classified as a category FI-3 project in accordance with IFC's Sustainability Policy. The trade finance activities supported by the Project will be required to meet the requirements of the IFC's Exclusion List and other exclusions deemed necessary. The Project will not support any activities with significant E&S concerns such as: (a) involuntary resettlement; (b) risk of adverse impacts on Indigenous Peoples; (c) significant risks to or impacts on the environment, community health and safety, biodiversity, cultural heritage; or (d) significant occupational health and safety risks. It will also not support any activities related to upstream oil & gas production and activities related to coal such as coal mining, coal transportation, coal-fired power plants, or infrastructure services exclusively dedicated to support any of these activities. IFC will review the details of the underlying trade transactions to confirm that they do not include activities in the IFC Exclusion List and any other exclusions.

Contacts

For Inquiries About the Project, Contact

Coris bank International Côte d'Ivoire
Jean-Baptiste Kouame
DGA
+225 27 20 20 94 50
jkouame@coris-bank.com
Boulevard VGE Angle Boulevard Delafosse, Treichville Zone 1, 01 BP 4690, Abidjan, Côte d’Ivoire
https://cotedivoire.coris.bank/

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