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IFC backs Vista Bank in Guinea, Burkina Faso trade finance deal

15 June 2022 - 11:03 By Reuters
“Increasing the availability of trade finance in Guinea and Burkina Faso is crucial to provide better access to essential goods, growth, and job retention and creation,” said Sergio Pimenta, IFC's vice-president for Africa.
“Increasing the availability of trade finance in Guinea and Burkina Faso is crucial to provide better access to essential goods, growth, and job retention and creation,” said Sergio Pimenta, IFC's vice-president for Africa.
Image: 123RF/bumbledee/ File photo

The International Finance Corporation (IFC), the investment arm of the World Bank, has partnered with Vista Bank to boost the trade finance capacity of the West African lender's Guinea and Burkina Faso units, the IFC announced on Tuesday.

The agreement makes available trade facilities of up to $24 million — $12 million for each subsidiary — to finance imports of food, raw materials, refined oil products, equipment, and consumer goods.

The IFC will also provide advisory services to strengthen Vista Bank's corporate governance and risk management capacities, it announced on the sidelines of the Africa CEO Forum in Abidjan, Ivory Coast.

“Increasing the availability of trade finance in Guinea and Burkina Faso is crucial to provide better access to essential goods, growth, and job retention and creation,” said Sergio Pimenta, IFC's vice-president for Africa.

Heavily dependent upon imports, West Africa's low-income nations have been hit hard by rapidly rising food and fuel prices linked in part to global economic turmoil caused by Russia's invasion of Ukraine.

Reuters

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