49423 - Coris Holding SL

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Summary of Investment Information

Project Number

49423

Company Name

CORIS HOLDING SA

Date SPI Disclosed

May 18, 2024

Country

Africa Region

Region

Africa

Projected Board Date

Jun 20, 2024

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Aug 9, 2025

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Jun 28, 2024
Signed : Dec 10, 2024
Invested : Aug 7, 2025

Sector

Other Non-Banking Financial Institution (NBFI)

Additional Project Attributes

Blended Finance

Project Description

IFC’s proposed investment in Coris Holding (“Coris” or the “Holding”) will consist of a senior loan facility of up to EUR80 million (c. US$86.7 million) for up to four (4) years, including mobilization of up to EUR35 million (c. US$37.9 million) from B/Parallel lenders. The proposed financing will enable increased access to finance to underserved Micro, Small & Medium Enterprises (“MSMEs”) and Women-owned and led SMEs (“WSMEs”) in the West African Economic and Monetary Union (WAEMU) region.

Associated Advisory Engagement

The project is expected to be complemented by an advisory engagement from IFC Advisory Services (“AS”) to help Coris Holding strengthen its Environment and Social (E&S) risk management practices and procedures while developing an E&S Management System (ESMS) in accordance with international best practices.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	48.98
Equity

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Syndications	Loans to MSME (mix of Micro and SME)
Syndications	Loans to Woman-Owned SMEs
Straight Senior Loan	Loans to MSME (mix of Micro and SME)
Straight Senior Loan	Loans to Woman-Owned SMEs

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Stakeholder effects: Improved access to finance for MSMEs and WSMEs: The MSME Finance Gap Report highlights substantial access to finance challenges for MSMEs in West and Central Africa. Due to difficult macro-economic and political conditions, many MSMEs have depleted financial reserves. Access to longer-term capital is crucial for them to invest in inventory, inputs, and adapt business models in the post-crisis economic environment. By providing funding to Coris, the Project aims to enhance access to finance by MSMEs Contribution to Market Creation: Competitiveness: By supporting lending to SMEs in West and Central Africa, the Project is expected to increase competitiveness among the domestic banks via replication effects as more of them improve and scale up their SME product offerings, and eventually may lower their pricing. This Project seeks to provide further demonstration through the onboarding of a regional banking group keen on serving SMEs especially for underserved segments. With this project, Coris is expected to increase access to longer-term capital for SMEs and help them improve their post-Covid investments and business model adjustments.

IFC does not anticipate any imminent corporate governance (“CG”) risks to the expected development impacts of the Project. The overall CG risk is deemed Low to IFC. Coris Holding adheres to the regulator’s CG requirements and operates within a defined governance framework and set of policies and procedures.

IFC’s additionality through this Project is both financial and non-financial. Financial additionality is in the form of financing structure, through provision of longer-term, hard currency (Euro denominated) financing, which is not readily available in the local market to increase access to finance to MSMEs including WSMEs. Non-financial additionality includes standard setting (E&S). With support from IFC’s E&S specialists, Coris is expected to put in place an environmental and social (“E&S”) risk management system embedded in the target’s credit underwriting policies and procedures.

E&S Category Rationale / Risks and Mitigation

The Project entails a senior loan to Coris Holding to support eligible MSMEs in its operations in Burkina Faso, Niger, Mali, Senegal. The MSME sectors supported by the Bank include trade, manufacturing, agriculture, construction, and transportation services, among others. The E&S risks and impacts associated with the supported MSME activities are considered limited and readily addressed through mitigation measures. The overall portfolio risk is considered medium. Thus, the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy. The Project will not support coal-related activities, or higher risk business activities that may include: 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. For this investment, the Bank will be required to screen eligible MSME loans against the IFC Exclusion List and host country environmental and social laws and regulations. In addition, the Bank will be required to meet Life and Fire Safety requirements and the requirements of IFC’s Performance Standard 2 on Labor and Working Conditions. The key E&S risks and impacts derive from the ability of Coris Holding and the participating subsidiaries to identify and manage the potential environmental and social risks associated with the MSMEs supported under this transaction. These risks are typically associated with occupational health and safety, waste and hazardous waste management, and air emissions, among others. The labor practices at Coris Holding and the subsidiaries are generally aligned with IFC Performance Standard 2: Labor and Working Conditions. However, several of the participating subsidiaries will need to develop employee grievance mechanisms. In terms of life and fire safety, there is a need for more formal protocols at Coris Holding and the participating subsidiaries.

Coris Holding has developed an E&S management system that is pending validation by management. The ESMS describes how E&S risks are identified and assessed within the credit review process and details the E&S process steps, including initial filtering, E&S risk categorization, and E&S due diligence undertakings. The E&S management system includes supporting annexes to aid the E&S management system, including the E&S questionnaire, E&S due diligence report template, and E&S monitoring template. The ESMS has been implemented in the Coris Bank International operations but is still pending formal implementation in the other supported subsidiaries. Coris Holding and Coris Bank International have designated an E&S Officer responsible for ESMS implementation within the Holding and the operations in Burkina Faso, respectively. As part of this project, Coris Holding and the participating affiliates will be required to: 1) designate staff at the subsidiaries level with oversight of the ESMS and its implementation, 2) develop an E&S risk management training plan, 3) provide E&S risk management training to relevant staff, 4) enhance the E&S management system by adapting the E&S management system to the local context in the respective subsidiaries, incorporating procedures to identify higher-risk transactions, and clarifying the role and responsibilities in the E&S risk management procedures, among others, and 5) provide evidence of E&S management system implementation.

Title	Anticipated Completion Date
Designate E&S Officers	07/15/2024
E&S risk management training plan	07/15/2024
E&S risk management training	01/10/2025
ESMS enhancements	07/15/2024
ESMS implementation evidence	01/10/2025
Enhance human resources policy and procedures	07/15/2024
Formalize life and fire protocols	07/15/2024

Contacts

For Inquiries About the Project, Contact

Coris Holding
Ablasse Wende-Gouda Ilbou
Chief Financial Officer
+226 76 76 59 59
awilboudo@coris-bank.com
Ouaga 2000 - Imm. Coris Bd de l'Insurrection populaire des 30 et 31 Octobre 2014, 01 BP 6092
https://coris-holding.com/

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

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