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Supporting Coris Bank International Benin with its commitment to financial inclusion
Project
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Signature date
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Location
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Benin
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Financing tool
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Financing amount (Euro)
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15 000 000,00
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Customer
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Coris Bank International Benin
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Type of customer
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Financial institution
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Country of headquarters
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Benin
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Project number
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PBJ1040
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has invested €15 million to guarantee the documentary credit operations of Coris Bank International Benin and thereby strengthen the bank’s activities in Benin.
Client presentation
Founded in 2017, Coris Bank International Benin is a subsidiary of the Coris Bank International Group, a leader in the West African Economic and Monetary Union (WAEMU) area. With more than 130 employees and a network of 13 branches, the bank offers a wide range of financial products and services, including Islamic finance with its branch CBI Baraka. The company focuses on digitalization, financial inclusion and corporate social responsibility, thereby contributing to the economic development of Benin. Coris Bank Benin stands out for its commitment to quality and innovation, which strengthens its role in the banking ecosystem.
Project description
Proparco provides guarantees for documentary credit operations for which Coris Bank Benin is the final beneficiary: as this subsidiary operates in an LDC, the development of its trade finance operations is limited. Indeed, it encounters difficulties in finding confirming banks for the documentary credits it issues.
Project impact
The impacts are:
- 3,500 jobs created or maintained
- 79 local SMEs supported
The project contributes to Sustainable Development Goal n° 8 (“Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”).