The asset manager is providing facilities to allow the bank to increase support for SMEs and clean energy projects in the West African country.
Swiss impact asset manager responsAbility is supporting SMEs and climate-related lending in Côte d’Ivoire via a €35m investment in NSIA Banque Côte d’Ivoire (NSIA Banque CI), one of the country’s largest commercial banks.
responsAbility, which is part of London-based investment manager M&G, said this marked its first investment in Côte d’Ivoire’s financial sector for a decade.
The investment is comprised of a €15m senior debt facility from responsAbility’s financial inclusion funds to support NSIA Banque CI’s SME-focused growth plan, and a €20m green facility to support the bank’s climate-related financing strategy. The Swiss asset manager is also providing technical assistance and advisory services to help NSIA Banque CI to develop green lending capacities.
NSIA Banque CI is part of the Abidjan-based NSIA Group, which has insurance and banking operations in 12 African countries.
Aminata Meite, responsAbility’s senior investment officer, said the asset manager considered the transaction to be the first in a long-term partnership with the NSIA Group designed to enable inclusive growth in the region.
“This collaboration underscores our commitment to fostering sustainable economic development, empowering local businesses, and promoting environmentally responsible investments,” she said.
On the SME side, responsAbility’s facilities aim to support NSIA Banque CI’s in designing products and services tailored to the needs of smaller companies so they can expand.
The climate support is intended to back the bank’s efforts to promote adoption of green technologies, focusing on financing small-to mid-scale solar PV rooftop projects for corporate and SME clients, plus energy efficiency initiatives for manufacturing and agriculture. Such funding aims to support Côte d’Ivoire as it faces intensifying climate challenges caused by shifting weather patterns and extreme weather events.
NSIA Banque CI has a network of over 80 branches throughout the country, including centres dedicated to corporate banking. The wider NSIA Group’s West African operations include banks in Côte d’Ivoire, Benin, and Guinea, as well as branches in Senegal and Togo. The group is listed on the West African regional stock exchange BRVM.
Regional hub
Cote d’Ivoire’s economy has been rebuilding since the end of a brief civil war following disputed elections held in 2010. In its latest overview, the World Bank says the country has returned to strong growth following the COVID pandemic and remains a regional economic hub.
As part of an economic transformation programme, the government is aiming to build on the country’s established role as a raw material exporter to play a greater role in global value chains, for example by developing increased agri-processing and manufacturing capacity.
The key role played by Cote d’Ivoire in driving the regional economy is reflected in support from development finance institutions and impact investors.
In March, the International Finance Corporation said it would provide a $27m loan to a local subsidiary of Moroccan-based real estate developer Douja Promotion Groupe Addoha to support the construction and delivery of about 5,600 affordable housing units in the Greater Abidjan area.
Swedfund opened a regional office in Abidjan in 2023 and has since invested in the country’s SME sector. The IFC and a number of DFIs have also contributed to a fund supporting SMEs in francophone West Africa managed by Abidjan-based private equity firm Joliba Capital. In 2024, Paris-based Ring Capital has launched the €50m Ring Africa fund to invest in early-stage startups in French-speaking West African countries, partnering with Abidjan-based Mstudio.
