IFC Partners with Financial Institutions in Côte d’Ivoire to Boost Access to Finance for SMEs

Abidjan, Côte d’Ivoire, March 20, 2025 – To boost access to finance for thousands of smaller businesses in Côte d’Ivoire, with a focus on those owned and led by women, IFC today announced two investments and one advisory project with leading banking groups Société Générale Côte d’Ivoire (SGCI), Société Ivoirienne de Banque (SIB) and Bridge Bank Group Côte d’Ivoire (BBGCI).

IFC’s Vice President for Africa, Sérgio Pimenta, signed the three partnerships during a visit to Côte d’Ivoire to underscore the institution’s commitment to supporting the country’s private sector development. The three projects are:

·         ·         A risk-sharing facility (RSF) of up to XOF 16.3 billion ($25.8 million) with SGCI to cover 50 percent of the risk up to XOF32.6 billion ($51.6 million equivalent) on a portfolio of loans to SMEs. IFC We-Fi will provide performance-based incentive (PBI) to incentivize the Bank to achieve agreed performance targets related to lending to WSMEs in Cote d’Ivoire. In parallel, IFC will provide advisory services to support SGCI in making optimal use of the RSF, thus enabling the bank to provide an estimated 450 SME loans by 2029, providing these companies with vital means to grow and create more jobs. At least 25 percent of the loan disbursements will be earmarked for women-owned and women-led businesses (WSMEs).

“For SGCI, supporting women's entrepreneurship goes far beyond financial issues. For us, it is an economic and social imperative, essential to building inclusive growth,'' said Patrick Blas, Managing Director of Société Générale Côte d’Ivoire.

·        ·         An RSF of up to XOF 6 billion (about $10 million equivalent) with SIB to cover 50 percent of the risk up to XOF 12 billion ($20 million equivalent) on a portfolio of loans to SMEs, including WSMEs, in the trade, water and sanitation, information and communication, transport and storage, agriculture, forestry, and fishing sectors in Côte d’Ivoire. IFC We-Fi will provide a PBI to incentivize the Bank to achieve pre-agreed targets related to lending to WSMEs in the country. 

“This partnership with IFC is a strategic milestone for SIB, reinforcing our commitment to supporting the Ivorian economy, particularly SMEs. In a global context of transformation where resilience and innovation are critical, this risk-sharing mechanism allows us to amplify our impact by facilitating access to tailored financing for SMEs, including those managed by women. We are not just financiers but committed partners, determined to support entrepreneurs in their sustainable development journeys. As a subsidiary of Attijariwafa bank group, we are driven by a vision of shared progress, fully integrating ESG criteria into our actions to co-build a prosperous, inclusive, and sustainable future for project leaders with partners like IFC,” said Mohamed El Ghazi, Managing Director of SIB.

·         An advisory program that will strengthen BBGCI’s SME banking model, expand its product offering and improve its operational efficiency to increase its lending to SMEs, including those owned by women. This advisory support complements IFC’s $40 million risk-sharing facility with BBGCI announced in July 2024 that is supporting an estimated additional 2,100 SME loans by 2028.

“Today, Ivorian women entrepreneurs represent a true engine of economic growth. However, they continue to face structural obstacles, particularly regarding access to financing, which is often hindered by gender stereotypes. At Bridge Bank Group Cote d'Ivoire, we are fully committed to reversing this trend by developing specific support mechanisms: preferential financing solutions, tailored assistance, and initiatives aimed at enhancing their capacities. Investing in women’s entrepreneurship is essential for accelerating the country’s economic transformation and promoting more equitable development,” said Ehouman Kassi, Managing Director of Bridge Bank Group Côte d’Ivoire.

"These projects underscore IFC's deepening commitment to inclusive economic growth and development in Côte d’Ivoire and will ease access to finance for smaller businesses in the country, helping them grow, create jobs, and enter new markets,” said Sérgio Pimenta, IFC Vice President for Africa.

According to the WBG Enterprise Surveys, 78 percent of SMEs in Côte d'Ivoire cite financing constraints as a major obstacle to their growth. The partnerships announced today will help address this challenge, boosting opportunities to driving economic growth. 

IFC's financing to the three project 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 program in Côte d’Ivoire is its largest portfolio in the WAEMU zone and one of its largest in Africa. As of January 2025, IFC’s total investment portfolio stood at $761 million. with a focus on affordable housing, agricultural value chains, infrastructure (including digital), capital market development, health, creative industries, and access to finance for SMEs.