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Coris Bank International Chad joins the Trade finance program of Proparco
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Proparco is pursuing its efforts to secure the supply of essential products in several African countries and is consolidating its long-standing partnership with Coris Bank International by including the subsidiary in Chad in the Trade Finance program.
Proparco has just granted to Coris Bank International Chad (CBI Chad) a package of Trade Finance instrument guarantees worth 7 million euros. This will facilitate the import of raw materials necessary for the generation of local added value, which is crucial for the country's economic growth.
This operation addresses supply needs not covered by the local market, as well as the trade finance deficit in Chad. It reflects Proparco's strategic priority of promoting a sustainable and resilient economy in fragile countries.
It is part of the Food & Agriculture Resilience Mission (FARM) initiative, launched in 2022 by Emmanuel Macron, President of the French Republic, alongside the European Union, the G7 and the African Union. Its aim is to strengthen food security in the most vulnerable countries.
The initiative is part of the Choose Africa program of the AFD group (Agence française de développement, Proparco and Expertise France), which supports African start-ups, microenterprises and very small to medium-sized enterprises by financing and supporting them at various stages of their growth, thanks in particular to the local partners supported by the Group.
“Coris Bank International is strongly committed to the emergence of the Chadian economy through various active contributions to socio-economic development, and actively supports all sectors of the economy with a particular focus on SMEs/SMIs for a dynamic transformation of the business ecosystem. This strategic partnership with Proparco, to whom we extend our gratitude for providing these guarantee facilities, is part of the dynamic initiated by the Bank in the process of supporting development initiatives”, said Fidèle Toko, CEO of Coris Bank International Chad.
“I am delighted with the partnership formed with Coris Bank International Chad, the first bank in the country to join Proparco's Trade Finance program. It will benefit local companies, which will be able to import the raw materials that will enable them to integrate into the value chain and better meet the needs of local populations,” said Mehdi Tanani, Central Africa Director of Proparco.