FinDev Canada has committed a €40 million ($46 million) loan to NSIA Banque Côte d’Ivoire, strengthening financing for small businesses, women entrepreneurs and renewable energy projects through a €100 million ($115 million) syndicated facility led by Citibank with participation from KEXIM Global.

The investment represents FinDev Canada’s first direct financing in Côte d’Ivoire and aligns with Canada’s Africa Strategy, which seeks to promote inclusive economic growth, private sector investment and climate resilience across the continent.

SMEs and women entrepreneurs take center stage

Under the agreement, 50% of the proceeds will be directed toward small and medium-sized enterprises (SMEs), a sector widely viewed as the backbone of Côte d’Ivoire’s economy but one that continues to face limited access to long-term financing.

In addition, 30% of the facility has been earmarked for women-owned or women-led SMEs, supporting financial inclusion through specialized lending and business development services. The funding will also expand financing for renewable energy projects, reinforcing the country’s transition toward cleaner energy sources.

Leaders highlight long-term partnership

FinDev Canada Chief Executive Officer Lori Kerr said the financing demonstrates how partnerships with leading financial institutions can unlock capital for high-impact markets.

She said the collaboration with NSIA Banque and Citibank will improve access to finance for SMEs, women entrepreneurs and climate-related investments while strengthening Canada’s long-term economic partnership with Africa.

Canadian Foreign Affairs Minister Anita Anand said the investment reflects Canada’s commitment to fostering inclusive and sustainable economic growth by expanding financing for small businesses, supporting women-led enterprises and advancing climate action in Côte d’Ivoire.

NSIA Banque Côte d’Ivoire Chief Executive Officer Léonce Yacé described the transaction as a milestone for the bank’s strategy to promote inclusive growth, strengthen entrepreneurship and finance projects supporting the country’s energy transition.

Expanding development finance in West Africa

Founded in 2018 and wholly owned by Export Development Canada, FinDev Canada provides loans, equity investments and blended finance across Sub-Saharan Africa, Latin America and the Indo-Pacific. Its priorities include climate-smart agriculture, green infrastructure, gender equality and support for local financial institutions.

NSIA Banque, a subsidiary of NSIA Group, is one of West Africa’s leading banking groups, offering retail, corporate and agricultural banking services across the West African Economic and Monetary Union.

The pan-African financial institution operates banking and insurance businesses in 12 countries, including major operations in Côte d’Ivoire and Benin, while maintaining a presence in Guinea and a representative office in Paris.

The latest financing is expected to strengthen private sector lending, accelerate renewable energy investment and improve access to capital for businesses that drive employment and economic growth across Côte d’Ivoire.