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FinDev Canada, Canada’s development finance institution, has signed a $46.1 million (€40 million) loan to NSIA Banque Côte d’Ivoire, marking its first direct investment in the country.
FinDev Canada is a development finance institution that invests in emerging markets to deliver development impact, financial returns, and shared economic prosperity.
The loan is part of a $115.2 million (€100 million) syndicated facility led by Citibank with participation from KEXIM Global Singapore.
FinDev Canada’s support will help NSIA provide better financial services to underserved groups, including small and medium-sized businesses and women-owned or led businesses.
Half of the loan proceeds will go to small and medium-sized enterprises, 30% will be directed to women-owned or women-led SMEs, and the remainder will fund climate finance, specifically loans targeting photovoltaic projects in commercial, industrial, and office buildings to support renewable energy and energy efficiency.
“This investment demonstrates how FinDev Canada works with leading financial institutions to move capital into priority markets. Through our partnership with NSIA Banque and Citi, we are expanding access to finance for SMEs, women entrepreneurs, and climate investments in Côte d’Ivoire while strengthening Canada’s long-term partnerships across Africa,” said Lori Kerr, CEO of FinDev Canada.
SMEs in Côte d’Ivoire continue to face barriers to growth, job creation, and participation in the country’s economic development.
The country is also highly vulnerable to the impacts of climate change, which disrupts agricultural output and food security. Côte d’Ivoire requires an estimated $10 billion for climate mitigation to meet its Nationally Determined Contributions under the Paris Agreement.
NSIA Banque Côte d’Ivoire is a subsidiary of NSIA Holding Financière and operates a network of more than 80 branches across the country, serving individuals, SMEs, and large corporations.
“This partnership with FinDev Canada marks an important milestone in our ambition to foster more inclusive and sustainable growth in Côte d’Ivoire. It will strengthen our ability to support small and medium-sized enterprises, promote women’s entrepreneurship, and finance projects that contribute to the country’s energy transition,” said Léonce Yacé, CEO of NSIA Banque Côte d’Ivoire.
“Canada is committed to building stronger partnerships that promote inclusive and sustainable economic growth, in line with our Africa Strategy. Through FinDev Canada’s investment in NSIA Banque Côte d’Ivoire, we are expanding access to finance for small businesses, including women-led enterprises, while supporting climate action and shared prosperity,” said Anita Anand, Minister of Foreign Affairs.
