IFC has announced a risk-sharing facility (RSF) for a total amount of up to $40m equivalent in West African CFA with Bridge Bank Group Côte d'Ivoire (BBGCI). 

Under the facility, IFC will guarantee 50% 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% of SMEs in Côte d'Ivoire cite financing constraints as a major obstacle to their growth, and 21% 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 $10m.

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.