Burkina Faso: The BOAD allocates €15 million to Coris Bank International for SME financing

Feb 19, 2013

The West African Development Bank (BOAD) has granted on February 13th an envelope of Fcfa10 billion (€ 15.2 million) to Coris Bank International, as part of a new agreement designed to promote the development of the private sector.

The West African Development Bank (BOAD) has granted on February 13th an envelope of Fcfa10 billion (€ 15.2 million) to Coris Bank International, as part of a new agreement designed to promote the development of the private sector.

According to the two institutions, this agreement will strengthen their collaboration in order to support economic actors, especially small and medium-sized enterprises (SMEs) in the areas of intervention of Coris Bank.

"The business world and all companies who have got good projects should get touch with us - as the BOAD has provided us with ten billion CFA francs and is ready to increase this amount if needed," said the CEO of Coris Bank International, Drissa Nassa, quoted by the newspaper Le Pays.

He added that Coris Bank International is the financial arm of the BOAD in Burkina Faso when it comes to supporting SMEs, who often face difficulties in accessing credit.

According to a report from the Burkinabe's finance minister called L'accès au financement des PME/PMI: Enjeux et Perspectives, published in May 2011, banks in the country are reluctant to lend money to SMEs because of insufficient capital, lack of financial education, low profitability and lack of guarantees.ADNFCR-2976-ID-801542627-ADNFCR