Table of Contents
Key Points
- Coris Bank secures €7 million ($7.6 million) trade finance package for Chad to support local industries and SMEs.
- The partnership with Proparco aims to address trade finance gaps and boost economic stability in Chad.
- Coris Bank strengthens regional influence with a growing presence across West and Central Africa.
Coris Bank International (Coris Bank), the Burkina Faso-based financial services group founded by banking tycoon Idrissa Nassa, has secured a strategic partnership with Proparco, the private investment arm of the French Development Agency (AFD), to address critical trade financing needs in Chad.
The €7 million ($7.6 million) Trade Finance package, secured by Coris Bank International Chad (Coris Bank Chad) in partnership with Proparco, will be deployed to facilitate the import of essential raw materials for local industries. This initiative is aimed at addressing the significant supply gaps and domestic demand challenges that hinder Chad’s economic growth, with the support extending across key sectors critical to the country’s development.
Supporting local industries and SMEs in Chad
The financing package forms part of Proparco’s broader efforts to promote economic resilience in fragile African economies. The package aims to fill Chad's trade finance deficit, ensuring local businesses can access the raw materials necessary for value-added production. This initiative is aligned with Proparco’s Food & Agriculture Resilience Mission (FARM), which focuses on strengthening food security and fostering sustainable growth in Africa.
Through the Choose Africa program, the collaboration will specifically target small and medium-sized enterprises (SMEs), fostering long-term economic stability in Chad. Coris Bank’s involvement positions it as a key player in the transformation of the local economy.
Fidèle Toko, CEO of Coris Bank Chad, emphasized the importance of the partnership, noting the bank’s role in supporting socio-economic development and helping SMEs integrate more effectively into local value chains. “This strategic partnership is part of our ongoing efforts to drive economic transformation and support the growth of local businesses,” Toko said.
Coris Bank’s expanding influence
Founded by Nassa in 2008, Coris Bank International has grown from a modest institution with just $3 million in capital to a financial powerhouse managing $9 billion in assets. With operations across Côte d’Ivoire, Mali, Togo, Senegal, Benin, Niger, Guinea-Bissau, and Chad, the bank has rapidly expanded its regional footprint under Nassa’s leadership.
Coris Bank Chad, a subsidiary of the Coris Group, was established in 2024 following the acquisition of Société Générale’s 67.8 percent stake in its Chadian subsidiary. This strategic move strengthens Coris Bank's position in the regional market and paves the way for future growth opportunities.
With this new financial injection, Coris Bank is poised to play an even more significant role in shaping Chad’s economic future, providing vital financing to businesses and contributing to sustainable development across the region.
