The loan is IFC’s first investment in Côte d’Ivoire as part of its global COVID-19 fast-track financing support package, designed to help client financial institutions — and the thousands of smaller businesses they support—weather COVID-19-related disruptions.
IFC’s loan to NSIA is supported by the International Development Association’s Private Sector Window (IDA PSW) Blended Finance Facility, which is backing IFC’s COVID-19 working capital loan facility with a first-loss guarantee of up to USD 215 million in eligible countries.
With IFC’s support, NSIA, one of Côte d’Ivoire’s commercial banks, will increase its lending to traders, corporate clients and SME’s, despite contractions to the financial market caused by the COVID-19 pandemic. IFC’s project intends to help the bank provide working capital and trade-related lending to corporate and small and medium-sized enterprise (SME) clients over two years.
COVID-19’s economic and social impacts are expected to be substantial in Côte d’Ivoire, with GDP growth expected to drop from 6.9% in 2019 to 2.7% in 2020, while key export sectors—cocoa and related products, oil, rubber and cashew—risk a slow-down due to volatility on the global markets and dropping demand.
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