52637 - Coris Holding BCA Senior Loan

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Investment Information

Project Number

52637

Company Name

CORIS HOLDING SA

Date SPI Disclosed

Feb 19, 2026

Country

Africa Region

Region

Africa

Projected Board Date

Mar 23, 2026

Environmental Category

FI-1 - Significant

Status

Pending Signing

Last Updated Date

Apr 11, 2026

Department

Regional Industry - FIG Africa

Industry

Financial Markets

Previous Events

Approved : Apr 10, 2026

Sector

Commercial Banking - General

Project Description

The proposed Project is designed to finance the acquisition of a 59.81% stake in Banco Comercial do Atlântico (BCA), the largest bank in the country, from Caixa Geral de Depositos, a Portuguese bank, as well as the potential acquisition of minority stakes through the securities exchange, thus promoting inclusive economic growth in Cabo Verde with the Coris Group sharing its banking expertise, including its experience in MSME-focused services. The Project consists of senior loan of up to $100 million equivalent with a 5-year term, to be disbursed in EUR or in USD, to Coris Holding (Coris or the Holding), the holding company of the Coris Group. Of the $100 million equivalent senior loan, up to $40 million equivalent is for IFC’s own account and the balance would be mobilized from other lenders. There are ongoing discussions with multiple partners, including the Managed Co-Lending Portfolio Program FIG III (MCPP FIG III) if the disbursement is in USD (for up to $40 million), investment banks and impact fund investors if the disbursement is EUR (Coris’s preference).

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management	5.0
Guarantee
Loan	80.0
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
Straight Senior Loan	Others (only if UoP is not available)
Syndications	Others (only if UoP is not available)
Syndications	Others (only if UoP is not available)

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

Development Impact

Stakeholder effects: Increased access to finance, including for MSMEs. The Project is expected to expand access to credit in Cabo Verde, where despite a large banking sector, a significant share of deposits is yet to be channeled into productive lending. The project is particularly expected to help address the MSME finance gap estimated at US$270 million (14.7% of GDP), through a transfer of Coris strong MSME-centric business model to the newly acquired BCA. Contribution to Market creation: Competitiveness. The Project is expected to contribute to enhancing the competitiveness of the financial sector in Cabo Verde by increasing product differentiation and improving risk management processes, particularly in the MSME segment.

Financial Additionality: (a) Financing structure. IFC provides medium-term hard currency financing not readily available locally. (b) Resource Mobilization: Through the Project, IFC will play a key role in mobilizing up to $60 million from other lenders, thus expanding the pool of funding available to the Holding. Non-financial Additionality: Standard setting. IFC will support Coris through strengthening risk management practices, climate risk frameworks, and Environmental and Social Management Systems (ESMS).

Indicator	Metrics	Comments
MSME share of total loan portfolio	%
Number of Outstanding Loans, MSMEs	number
Value of Outstanding Loans, MSMEs	$

E&S Category Rationale / Risks and Mitigation

The Project entails a senior loan to Coris Holding to support its acquisition of Banco Comercial do Atlântico (BCA), a universal bank in Cabo Verde. The main E&S risks for the Project are related to BCA’s exposure to corporate loans and business activities with potentially high adverse E&S risks and high-risk sectors. The potential E&S risks and impacts associated with this transaction are expected to be high. Therefore, the Project has been categorized as FI-1 in accordance with IFC’s E&S Sustainability Policy. These risks typically include labor and working conditions, occupational health and safety, supply chain, Gender-Based Violence and Harassment (GBVH), pollution prevention and atmospheric emissions, and waste and wastewater management, among others. The Project will not support coal or coal-related activities. For this investment, the applicable E&S requirements are the IFC Exclusion List (“XL”), national laws and regulations, and the IFC Performance Standards. Coris Holding will be required to disclose the names, locations, and sectors of Category A sub-projects supported by BCA (subject to regulatory or market constraints). The Bank will also be required to implement IFC’s approach to greening equity investments for Financial Intermediaries. In addition, BCA will be required to meet IFC’s Life and Fire Safety requirements, the requirements of IFC’s Performance Standard 2 on Labor and Working Conditions, and implement an Anti–Sexual Harassment Policy in line with IFC requirements.

Coris Holding has an established E&S Management System (ESMS). The ESMS describes how E&S risks are identified and assessed within the credit review process and details steps including initial filtering, categorization, and due diligence. Supporting annexes include an E&S questionnaire, E&S DD template, and E&S monitoring template. The ESMS has been implemented within Coris Bank International operations but is still pending formal implementation in other supported subsidiaries. The ESMS will need to be implemented across all 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 will be required to: i) designate an Environmental and Social (E&S) Officer for the new subsidiary (BCA); ii) commit to cascading IFC Performance Standards (PS) requirements to BCA’s operations; iii) achieve full implementation of an Environmental and Social Management System (ESMS) at the new subsidiary (BCA) within 12 months of disbursement; iv) develop and implement an E&S risk management training plan for the new subsidiary (BCA); v) in the event that retrenchment is contemplated, comply with IFC PS2 requirements (paragraph 18), as well as applicable local E&S laws and regulations, and share the retrenchment plan with IFC; and vi) fully comply with, or provide evidence that BCA buildings with public access comply with, IFC Life and Fire Safety (LFS) requirements.

S.no	Title	Anticipated Completion Date
1	Designate E&S Officer for the new subsidiary (BCA)	04/15/2026
2	Commit to cascade IFC PS requirements to BCA operations	04/15/2026
3	Share recent information, including loan portfolio data and relevant E&S documents (BCA)	06/30/2026
4	Develop E&S risk management training plan for the new subsidiary (BCA)	10/15/2026
5	Compliance with IFC Life and Fire Safety (LFS) requirements (BCA)	01/15/2027
6	ESMS full implementation at new subsidiary (BCA)	04/15/2027
7	Implement E&S risk management training (BCA)	10/15/2027

Contacts

For Inquiries About the Project, Contact

Coris Holding
Ablasse Wende-Gouda Ilboudo
Deputy CEO
+226 76 76 59 59
awilboudo@coris-bank.com
01 BP 6092
https://coris-holding.com

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

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.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

IFC complaint response is separate from and complementary to IFC’s clients’ project level grievance mechanisms and IFC’s Independent Accountability Mechanism (CAO). Lodging a complaint directly with IFC does not, at any time, restrict access to CAO.

Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

Independent of IFC and MIGA management and reporting directly to the IFC and MIGA Boards of Executive Directors, CAO helps resolve issues raised about the environmental and social impacts of projects through a neutral, collaborative, problem-solving approach via its Dispute Resolution function. It also reviews IFC’s and MIGA’s compliance with environmental and social policies, assesses related harm, and recommends remedial actions through its Compliance function. Additionally, CAO provides advice to IFC, MIGA, and their Boards to enhance environmental and social sustainability performance and minimize the risk of harm.

Complaints may relate to environmental and social harm regarding any aspect of the planning, implementation, or impact of a project or sub-project, and can be made by any individual, group, community, entity, or other party affected or likely to be affected by the environmental or social impacts of an IFC- or MIGA-financed business activity.

Complaints can be submitted by any of the following methods:

Online form: available at https://www.cao-ombudsman.org/
Mail/Hand Delivery to: 2121 Pennsylvania Avenue, NW, Washington, DC 20433, USA
Voice mail: +1 202 458 1973
Email: cao@worldbankgroup.org
SMS, WhatsApp, Telegram, and Signal: +1 202 650 2627

CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation

Similar Projects

Contacts

Projects

Summary of Investment Information

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

IFC's Investment as Approved by the Board

FIG Use of Proceeds/Beneficiaries

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Role and Additionality

Development Results

E&S Category Rationale / Risks and Mitigation

Environmental & Social Categorization Rationale / Key Risks & Potential Impacts

Environmental & Social Management System (ESMS)

Mitigation Measures / Environmental & Social Action Plan (ESAP)

Press-Release

Related Environmental Document

Similar Projects

Contacts

Information on E&S Complaints and Grievance Mechanisms

Disclaimer