The International Finance Corporation (IFC) has provided financing to Coris Group to finance the financing gap in Burkina Faso, Mali, Niger and Senegal and improve access to financing for micro, small and medium enterprises (MSMEs) in the Sahel region, particularly for those owned or led by women.
The 80 million euro loan is intended for the refinancing of small businesses. At least 25% of this envelope will be specifically allocated to businesses owned or managed by women.
Small businesses play an essential role in the Sahel. However, many of them struggle to access the financing essential to their growth and job creation. IFC’s investment aims to fill this gap, while providing medium-term financing to develop activities.
“We are strengthening our efforts to better support MSMEs in the Sahel, particularly women entrepreneurs. By closing financing gaps, we are driving economic growth, job creation and resilience in some of West Africa’s most challenging environments.”indicates Idrissa Nassa, president of Coris Holding.
“The partnership will strengthen the financial inclusion of businesses in the Sahel region, particularly those run by women entrepreneurs”says Sergio Pimenta, IFC vice president for Africa. “This initiative will provide essential support to businesses. It will help them drive growth, create jobs and build economic resilience, even in demanding business environments.”.
The investment is supported by the Women Entrepreneurs Opportunity Facility (WEOF), a partnership between IFC and Goldman Sachs’ 10,000 Women initiative. This mechanism aims to encourage the granting of loans to businesses owned by women through performance bonuses.
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