Afriland First Bank secures CFA 10 billion loan to support SMEs in Côte d’Ivoire

The ECOWAS Bank for Investment and Development (EBID) has granted a CFA 10 billion credit facility to Afriland First Bank Côte d’Ivoire to strengthen financing for small and medium-sized enterprises (SMEs) in Côte d’Ivoire, as demand for private sector funding continues to grow in West Africa’s rapidly expanding economy.

The agreement was signed in Lomé, Togo, between EBID President Dr. George Agyekum Donkor and Afriland First Bank Côte d’Ivoire Managing Director Christian Kammogne Fogaing.

According to both institutions, the financing will primarily support short- and medium-term funding needs of micro, small, and medium-sized enterprises (MSMEs) as well as mid-sized companies operating across key sectors of the Ivorian economy.

Targeted sectors include agribusiness, construction and public works, healthcare, education, manufacturing, trade, services, and technology.

EBID President George Agyekum Donkor said the partnership reflects the institution’s continued commitment to strengthening the private sector as a driver of sustainable growth, industrial development, and regional integration across West Africa. 

Afriland First Bank Côte d’Ivoire CEO Christian Kammogne Fogaing said the credit line will significantly enhance the bank’s capacity to support SMEs, which are widely regarded as a key pillar of job creation and economic growth in Côte d’Ivoire. 

The deal comes as SMEs in Côte d’Ivoire continue to face challenges in accessing financing despite the country’s strong economic growth, one of the fastest in West Africa.

Authorities note that SMEs account for a significant share of the national economy but are often constrained by collateral requirements, high borrowing costs, and limited access to tailored financial products.

EBID, the financial institution of the Economic Community of West African States (ECOWAS), says the operation aligns with its “GRO” strategy Growth, Resilience, and Optimization aimed at supporting industrialization, regional integration, and private sector development across the subregion.

Afriland First Bank Côte d’Ivoire is also expanding its footprint in the Ivorian banking sector. According to company data, its total assets reached CFA 225.6 billion in 2024, up 27.5% year-on-year, while its loan portfolio grew by 33.7% to CFA 109.6 billion.

The new facility is expected to improve credit access for local businesses and support Côte d’Ivoire’s broader economic transformation agenda under the 2026–2030 National Development Plan.