Press Release

IFC and Bridge Bank Group Partner to Boost SME Finance in Côte d'Ivoire and Senegal

July 11, 2024

Abidjan, Côte d'Ivoire, July 11, 2024 – To boost access to financing for small businesses in Côte d'Ivoire and Senegal, particularly those owned and led by women, IFC today announced a Risk-Sharing Facility (RSF) for a total amount of up to $40 million equivalent in West African CFA with Bridge Bank Group Côte d'Ivoire (BBGCI). 

Under the facility, IFC will guarantee 50 percent of a portfolio of eligible short-term loans originated by BBGCI to small- and medium-sized enterprises (SMEs) across Côte d'Ivoire and Senegal. In parallel, IFC will provide advisory services to support BBGCI to make optimal use of the RSF, thus enabling the bank to provide an estimated additional 2,100 SME loans by 2028, providing these companies with vital means to grow and create more jobs. At least 30% of the cumulative loan disbursement under the facility will be earmarked for women-owned and women-led SMEs.

"Our strong relationship with IFC has today taken a new step as we commit to supporting small businesses in Côte d'Ivoire and Senegal together," said Ehouman Kassi, Managing Director of BBGCI. "These countries have vibrant, dynamic economies where small businesses hold tremendous opportunity to catalyze growth. Our shared vision for transforming lives and livelihoods in West Africa will support the region to thrive and prosper." 

"Helping small businesses access financing is one of the best ways to help them grow and create jobs. It is a central part of IFC's strategy to support development in Africa," said Claude Owona, IFC's Manager for Financial Institutions for West Africa. "IFC's investment will help BBGCI double its SME portfolio by 2028, thus helping small businesses in Côte d'Ivoire and Senegal access the financing they need while reinforcing our longstanding partnership with Bridge Bank Group."

According to the WBG Enterprise Surveys, 78 percent of SMEs in Côte d'Ivoire cite financing constraints as a major obstacle to their growth, and 21 percent of firms in Senegal report being fully credit-constrained. This partnership will help address this challenge, boosting opportunities to drive economic growth. 

IFC's financing support to BBGCI falls under the Small Loan Guarantee Program (SLGP), a programmatic approach to de-risking and scaling up financing for SMEs in countries classified by the International Development Agency (IDA) as small, fragile and/or conflict-affected. The SLGP is supported by the IDA IFC-MIGA Private Sector Window's Blended Finance Facility.

IFC's relationship with BBGCI spans back to May 2021 when the bank joined IFC's Global Trade Finance Program, thereby accessing a trade finance facility of US$10 million. The partnership reflects IFC's broader strategic objective to drive economic development and job creation by partnering with local financial institutions in West Africa to foster access to finance for SMEs.

 

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 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org

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About Bridge Bank Group Côte d'Ivoire

BBGCI was established in 2004 but started operations in June 2006. It initially focused on the Corporate and SME segments, before expanding in 2011 to the retail, professionals, and micro segments. The Bank offers various financial services and products to its clients through its 14 branches mainly located in Abidjan. As of October 2023, it is the tenth bank out of 28 banks in terms of loans (market share of 4.2 percent) and eighth by deposits (market share of 4.3 percent), serving approximately 110,511 clients, 800 of which are corporates and large SMEs.


Contacts

Abdoul Maiga
For IFC
+ 221 77 638 29 41
Agnès Kouadjane
For Bridge Bank Group Côte d'Ivoire
+225 27 20 25 85 85 / +225 05 44 87 44 11