Côte d’Ivoire: FinDev Canada lends €40 million to NSIA Banque to support SMEs and climate finance

FinDev Canada, Canada’s bilateral development finance institution, has committed a €40 million ($46.5 million) loan to NSIA Banque Côte d’Ivoire to expand financing for small and medium-sized enterprises, support women-led businesses and fund climate-related projects.

The investment, equivalent to about 26.2 billion CFA francs, marks FinDev Canada’s first direct investment in Côte d’Ivoire. The transaction is part of a €100 million syndicated credit facility arranged by Citibank, with participation from KEXIM Global (Singapore) Ltd., or KGS.

The financing is designed to address two key priorities: improving access to finance for businesses and increasing investment in climate mitigation projects.

Under the agreement, 50% of FinDev Canada’s €40 million loan, or €20 million, will be allocated to financing small and medium-sized enterprises.

A further 30% of the total loan amount, equivalent to €12 million, will be directed to SMEs that are owned or led by women. The allocation is intended to strengthen access to capital for women entrepreneurs and promote greater financial inclusion.

The remaining 50%, or €20 million, will support climate finance. The funds are expected to finance renewable energy and energy-efficiency projects, including photovoltaic installations for commercial, industrial and office buildings.

FinDev Canada said the investment is aimed at supporting Côte d’Ivoire’s private sector while helping address the country’s financing needs for climate mitigation.

The transaction comes as access to finance remains a major challenge for many SMEs in Côte d’Ivoire, despite their important role in economic activity and job creation. Increasing the availability of long-term financing could allow businesses to expand their operations, invest in new equipment and improve their competitiveness.

For FinDev Canada, the transaction also strengthens Canada’s economic engagement with Côte d’Ivoire and West Africa.

“This investment demonstrates how FinDev Canada works with leading financial institutions to mobilize capital in priority markets,” FinDev Canada Chief Executive Officer Lori Kerr said, according to the announcement.

Canadian Foreign Minister Anita Anand also welcomed the transaction as part of Canada’s efforts to promote inclusive and sustainable economic growth and deepen its partnerships in Africa.

The announcement followed Anand’s visit to Benin and Côte d’Ivoire from Aug. 4 to Aug. 6, during which Canada sought to strengthen its economic and diplomatic ties with West Africa.

The financing also builds on other recent transactions involving NSIA Banque.

In June, NSIA Banque announced that it had secured a €30 million financing facility from British International Investment to increase lending to Ivorian SMEs, with a particular focus on women entrepreneurs.

The bank reported a net profit of 40.7 billion CFA francs for 2025, up 7% from the previous year. Its total assets exceeded 3 trillion CFA francs.

NSIA Banque has also increased its exposure to renewable energy projects. The bank said it committed 40 billion CFA francs to renewable energy projects in 2025, contributing to an estimated reduction of about 13,006 tonnes of carbon dioxide emissions.

The €40 million FinDev Canada loan is structured as a senior unsecured term loan with a maturity of up to six years. It represents part of the wider €100 million syndicated facility arranged by Citi.

KEXIM Global (Singapore) Ltd., a subsidiary of the Korea Export-Import Bank, is also participating in the transaction.

For NSIA Banque, the financing provides additional capacity to support businesses while expanding lending to sectors linked to the energy transition.

The deal highlights the growing role of development finance institutions in using commercial banks to channel capital toward SMEs, women-owned businesses and climate-related investments.

For Côte d’Ivoire, the financing could provide additional resources for private-sector development while supporting the country’s efforts to expand renewable energy and improve energy efficiency.