Coris Bank secures US$23m investment from ITFC for improvement of access to finance SMEs

BURKINA FASO – The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, continues its ongoing commitment to strengthen private sector development in Burkina Faso through its latest Murabaha financing agreement with Coris Bank International (CBI). The €20 million (US$23.65m) agreement is part of the West Africa SMEs Program, a flagship program of ITFC aimed at improving access to finance for SMEs in the region by providing them, as well as partner banks, with credit and capacity building facilities. It is estimated that SMEs…

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Transport technology platform Gozem partners with Coris Bank for lending mechanism

TOGO – Gozem, a transport technology startup, has partnered with Coris Bank International Togo to allow its driver-partners to access low-interest loans towards the purchase of new motorcycles. The new partnership will allow Gozem driver-partners to purchase new motorcycles at a competitive rate and flexible repayment period The strategic partnership will enable the ride-hailing startup’s driver-partners to access performance-based financing and is a step towards large-scale, data-based financing in the informal sector. “We are committed to supporting our drivers to ensure their success, not only in terms of increasing profits…

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