Côte d'Ivoire is bolstering its support for small and medium-sized enterprises (SMEs) with a new refinancing facility. The West African Development Bank (BOAD) has approved a CFAF 10 billion, approximately US$14.3 million, refinancing facility for COFINA Côte d'Ivoire. This financing aims to strengthen COFINA Côte d'Ivoire's capacity to provide medium-term financing to businesses, fostering growth and development in the country.
The financing was approved during the BOAD's 152nd Board of Directors meeting on 24 September 2026. This move is crucial for Côte d'Ivoire, as the country seeks to deepen private-sector growth and broaden financial inclusion. SMEs play a significant role in employment, entrepreneurship, and economic activity, but many businesses face challenges obtaining financing that matches their investment and expansion needs.
The BOAD-backed facility will enable COFINA Côte d'Ivoire to increase its capacity to finance businesses, particularly through medium-term funding. Access to longer-term capital can be vital for companies seeking to invest in equipment, expand operations, improve production capacity, or develop new services. This facility has the potential to support businesses beyond immediate liquidity needs, particularly as Ivorian enterprises seek to scale their operations.
The financing also has a broader inclusion dimension, with support expected to reach women entrepreneurs. Women-led businesses across Africa frequently encounter financing constraints, despite their contribution to employment and local economic activity. Increasing access to formal financial services and suitable business capital can help entrepreneurs invest, expand, and create additional opportunities within their communities.
Furthermore, the facility is intended to support green projects, linking SME financing with the growing need for sustainable investment. Businesses increasingly face pressure to adopt more efficient technologies, reduce resource consumption, and develop environmentally sustainable operations. Financing facilities that incorporate green investment can help businesses access capital for projects that improve efficiency while supporting broader sustainability objectives.
The new facility comes as Côte d'Ivoire continues to attract investment and develop its private sector. Financial institutions such as COFINA can play an essential role in connecting businesses with the capital required to turn expansion plans into productive investments. BOAD's involvement also demonstrates the role that regional development finance can play in strengthening local financial institutions and widening access to capital.
For SMEs, the impact will ultimately depend on how effectively the financing reaches businesses and whether entrepreneurs can access it on terms that support sustainable growth. If effectively deployed, the CFAF 10 billion facility could provide additional financing capacity for Ivorian enterprises while supporting entrepreneurship, women's economic participation, and green investment. It represents another step towards building a more accessible and diversified financing ecosystem for Côte d'Ivoire's private sector.
Key points
- The West African Development Bank has approved a US$14.3 million refinancing facility for COFINA Côte d'Ivoire to support SME financing.
- The facility aims to strengthen COFINA Côte d'Ivoire's capacity to provide medium-term financing to businesses, fostering growth and development in the country.
- The financing also targets women entrepreneurs and green projects, promoting financial inclusion and sustainable investment.
