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IFC invests EUR 25 mln in NSIA, helps finance businesses in Côte d'Ivoire during COVID-19

Monday 13 July 2020 14:13 CET | News

IFC, a member of the World Bank Group, has announced a EUR 25 million, one-year senior loan to NSIA Banque Côte d’Ivoire (NSIA), allowing the bank to extend new trade-related or working capital loans to companies whose cash flows have been disrupted by the Covid-19 pandemic.

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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Keywords: IFC, NSIA, finance, COVID-19, loan, cash flow, Côte d’Ivoire
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: Cote d'Ivoire
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Banking & Fintech






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