IFC Evaluates 100 Million Loan to Support Idrissa Nassa's Majority Acquisition of BCA in Cape Verde

The International Finance Corporation (IFC), the private sector arm of the World Bank Group, is evaluating the granting of a senior loan of up to 100 million dollars to support the expansion of the Coris Holding group in the Cape Verde banking market.

The financing, still subject to approval by the IFC's board of directors, is intended to support the acquisition of 59.81% of Banco Comercial do Atlântico (BCA), previously held by the Portuguese public institution Caixa Geral de Depósitos. The Coris group will also be able to acquire additional stakes in the market, strengthening its control over one of the country's main banks.

Founded by Burkinabé businessman Idrissa Nassa, Coris Holding operates in around 10 West African countries and has focused its strategy on retail banking and corporate finance. The entry into Cape Verde represents a strategic step, positioning the group in an island market with strong financial links to Europe.

According to the information released, the IFC loan would have a maturity of five years and could be denominated in dollars or euros. Up to 40 million dollars would be granted directly by the IFC itself, while the remaining 60 million will have to be mobilized from partner investors - a common model for financing development institutions.

The declared focus of the operation is to strengthen access to credit for small and medium-sized enterprises in Cape Verde. Coris has already indicated that it intends to expand financing to the local business fabric, in a context in which capital limitations and the small size of the market can raise financing costs for national companies.

The group initially announced its intention to acquire the Portuguese stake in BCA in March 2024, subject to the necessary regulatory approvals. Subsequently, it confirmed the completion of the purchase of this stake, and the process is in its final phase while financing negotiations are ongoing.

The eventual approval of the financing by the IFC, whose decision is scheduled for March 23, could represent not only a financial boost, but also a sign of institutional confidence in the Coris group's regional expansion strategy. For Cape Verde, the operation could translate into a new cycle in the banking sector, with a potential impact on access to credit and the dynamics of private investment.