Supporting the strategy of Coris Senegal and the Senegalese economy

A subsidiary created in 2019 and spun off in 2021, Coris Senegal is the Senegalese subsidiary of the pan-African banking group Coris, which is headquartered in Burkina Faso. CBI-SN (Coris Bank International) offers a comprehensive range of universal banking services tailored to the various needs of its clients, which include individuals, professionals and companies. A tier 2 bank in a competitive banking environment, CBI-SN, with its 24 branches, has become one of the main banks financing SMEs in the industry, energy and agribusiness sectors in Senegal.

This project consists in the allocation of guarantees by Proparco under documentary credit operations, for which Coris Bank Senegal is the final beneficiary. In a context of strong demand for imported goods and rising commodity prices, Coris Bank Senegal SA  wishes to make trade finance activities a strategic priority. Indeed, Senegal is highly dependent on imports (€11 billion at year-end 2023) to meet its essential needs for food (rice, corn, wheat, sugar), agricultural inputs, vehicles, equipment and pharmaceuticals. In addition, the country plays a key role in supplying the WAEMU area, as it is one of the main entry points for imports in the region, along with Côte d'Ivoire.

This financing is expected to support almost 128,000 jobs over the next 5 years in the bank and in the companies financed. 

This project is supporting economic growth and is strengthening the country’s financial infrastructure.

The project will thereby contribute to the achievement of Sustainable Development Goal  (SDG) #8 (Decent work and economic growth).