BOAD provides a short-term refinancing facility to Coris Bank International
Lomé, 16 April 2015. Messrs. Christian Adovelande, President of the West African Development Bank (BOAD), and Idrissa Nassa, Chairman and CEO of Coris Bank International (CBI) signed an agreement under which BOAD provided to CBI a short-term refinancing facility in an amount of XOF6 billion.
Through this facility, BOAD refinanced to the tune of 49% CBI’s contribution to the overall package provided by local banks to the Société burkinabé des fibres textiles (SOFITEX) for funding the 2014-2015 cotton season. BOAD will thereby contribute to the attainment of production targets of 540,000 tons of cottonseed, and 236,000 tons of cotton-fibre.
The facility is the first ever provided by BOAD to a primary bank for refinancing loans granted to companies over the short-term. It complemented fourteen short-term refinancing facilities granted to financial institutions in Burkina, involving a cumulative amount of XOF17.5 billion, accounting for 11.06% of aggregate loans extended by BOAD to the private sector in Burkina Faso.
Mr. Christian Adovelande described this agreement as “a further step towards enhanced fruitful and close partnership existing between both of the institutions”. In fact, this new loan is a follows from the entry of BOAD in the share capital of CBI and the granting of two medium-term refinancing facilities of XOF4 billion and XOF10 billion respectively.
The President of BOAD commended CBI for its efforts aimed at increasing its support to companies with which it has close relationship. Its winning strategy enabled it as at present to position itself as 2nd in terms of total balance sheet and 1st in terms of profitability in 2014 in Burkina Faso. In this perspective, CBI had since 2013 embarked on a sub-regional expansion process by opening affiliates in Côte d’Ivoire, Mali and Togo.
Mr. Idrissa Nassa was pleased with the signing of this agreement and sincerely thanked BOAD for the support extended to CBI.
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