Coris Bank International (FMO-64332)

Countries
  • Burkina Faso
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 11, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Coris Bank International
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 21.01 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 20
Converted using 2024-12-11 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Mar 18, 2025

Disclosed by Bank Dec 19, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, FMO is providing a EUR 20 mln senior loan under the A/B syndicated loan structure with the Arranger (IFC) acting as the lender of record vis-a-vis the customer. The proposed financing will enable increased access to finance for underserved Micro, Small, and Medium-sized Enterprises ("MSMEs") and women-owned and led SMEs ("WSMEs") in the West African Economic and Monetary Union ("WAEMU") region.

Through this funding, FMO is providing CBI with the long-term funding needed to finance the underserved segments. It qualifies as 100% for FMO's Reducing Inequalities label since Burkina Faso and Niger are classified as Least Developed Countries.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Per FMO's Sustainability Policy, the E&S category for this project is A. The project entails providing a senior loan to CBI to support eligible MSMEs in Burkina Faso and Niger operating in diverse sectors, including trade, manufacturing, agriculture, construction, and transportation services, among others. The E&S risks and impacts associated with the supported activities are limited and manageable through appropriate mitigation measures, categorizing the overall portfolio risk as medium. Consequently, the project has been classified as FI-2 under IFC's Sustainability Policy.
Notably, the project will not finance coal-related or higher-risk business activities potentially involving involuntary resettlement, adverse impacts on Indigenous peoples, significant environmental or community health risks, biodiversity loss, cultural heritage impacts, or substantial occupational health and safety risks. The key E&S risks stem from the Coris Group subsidiaries' capacity to identify and manage potential E&S risks associated with the MSMEs they support. Typical risks include occupational health and safety issues, waste and hazardous waste management, and air emissions. While the labor practices at Coris Group subsidiaries generally align with PS 2, some subsidiaries need to develop formal employee grievance mechanisms.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

A EUR 20 mln senior loan.

Funding: FMO NV

Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Coris Bank International ("CBI"), a new FMO client, is the largest bank in Burkina Faso (a Least Developed Country, "LDC"). As the primary subsidiary of the regionally-operating Coris Holding, Coris started its operations in 2008. CBI supports its clients as a universal bank by leveraging the region's reach and resources to offer a wide range of products and services to individuals, SMEs, and corporates. CBI has a branch in Niger (part of the scope of FMO's loan) and an extensive network of agents and ATMs spread across its countries of operations, enabling end-clients to access finance.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Website customer/investment: https://coris.bank/

No contacts available at the time of disclosure.

ACCESS TO INFORMATION

As part of FMO's ex-ante disclosure (disclosure of transactions before contracting), you can send requests or questions for additional information to: disclosure@fmo.nl

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW). A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism

How it works

How it works