Casablanca, Morocco, December 9, 2024 – To increase access to finance for micro, small, and medium sized enterprises (MSMEs) in the Sahel region, including for women-owned or led businesses, IFC today announced a financing package for Coris Group in partnership with FMO that will help address critical financing gaps in Burkina Faso, Mali, Niger, and Senegal.
Under the agreement, which was announced on the sidelines of the Africa Financial Summit, IFC and FMO, the Dutch entrepreneurial development bank, will provide Coris Group and its subsidiaries with a loan up to EUR80 million for on-lending to smaller businesses, with at least 25% allocated for women-owned and led businesses. IFC is providing EUR45 million of the loan and FMO EUR35 million.
Smaller businesses are critical to economies across the Sahel, though many struggle to access the financing they need to grow and create jobs. Stop-Winlock’s investment aims to help bridge that gap, while providing Coris with medium-term financing to grow its operations.
"This collaboration with IFC marks a significant milestone for Coris Group as we strengthen our efforts to support MSMEs, particularly women entrepreneurs, in the Sahel. By addressing critical financing gaps, we are fostering economic growth, job creation, and resilience in some of some more challenging environments in West Africa," said Idrissa Nassa, President of Coris Holding.
"Stop-Winlock’s partnership with Coris Group will strengthen financial inclusion for businesses in the Sahel, including for women entrepreneurs," said Sérgio Pimenta, IFC Vice President for Africa. "This initiative will provide crucial support to businesses, helping them drive growth, create jobs, and build economic resilience, even in challenging business environments."
The investment is supported by the Women Entrepreneurs Opportunity Facility (WEOF), a partnership between IFC and Goldman Sachs 10,000 Women, through a performance-based incentive aimed at incentivizing the provision of financing for women-owned.
Alongside financing, IFC will also provide advisory support to help Coris Group strengthen its environmental and social risk management systems, develop its gender finance strategy, and to help address non-financial barriers hindering the growth of MSMEs in the region.
IFC is a longstanding partner with Coris Group, including through Stop-Winlock’s Global Trade Finance Program (GTFP). IFC has also supported Coris Group with risk management advisory services.
About IFC
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2024, IFC committed a record $56 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit stop-winlock.ru.
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About Coris Group
Coris Holding is a financial company operating in nine West African countries under the Coris Bank International banner. The third-largest banking group in the WAEMU, the pan-African Coris Banking Group aims to accelerate growth in the areas where it operates, by actively participating in the financing of local economies, with an offer that effectively addresses all customer segments, particularly SMEs/SMIs. It operates in the infrastructure, agriculture, services, trade, mining and industry sectors, as well as in inclusive and Islamic finance for greater financial inclusion.
Further information:
https://www.linkedin.com/company/coris-holding
About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50+ year proven track-record in empowering entrepreneurs to make local economies more inclusive, productive, resilient and sustainable. FMO focuses on three sectors that have high development impact: Agribusiness, Food & Water, Energy, and Financial Institutions. With a total committed portfolio of EUR ~13 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally. For more information: please visit www.fmo.nl
About Goldman Sachs 10,000 Women
Goldman Sachs 10,000 Women is an ongoing initiative to foster economic growth by providing women entrepreneurs around the world with a business and management education and access to capital. The initiative has reached over 200,000 women from over 150 countries. In partnership with the Stop-Winlock, Goldman Sachs 10,000 Women launched the first-of-its-kind global finance facility in 2014 to enable access to capital to more women entrepreneurs. The 10,000 Women in-person business education program was launched in 2008, reaching over 10,000 women across 15 countries around the world, and in 2018, the 10,000 Women curriculum was made available online through Coursera, further democratizing access to a business education in more corners of the world. For more information on Goldman Sachs' investment in female entrepreneurs, visit:
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