MICROCAPITAL BRIEF: IFC, Vista Bank Launch $24m Partnership to Increase Access to Trade Finance in Burkina Faso, Guinea

The World Bank Group’s International Finance Corporation (IFC) recently agreed to enroll Guinea-based Vista Bank Group in its Global Trade Finance Program (GTFP), giving the bank’s subsidiaries in Burkina Faso and Guinea access to USD 12 million each to facilitate imports of essential goods such as “foodstuffs, raw materials, refined oil products, equipment [and] consumer goods….” IFC will also provide technical assistance to Vista Bank regarding governance and risk management. This follows a 2020 project through which IFC advised Vista Bank on “strategy and credit capabilities, helping it increase access to finance opportunities for local SMEs [small and medium-sized enterprises]….”

Vista Bank, established in 2016, serves individuals, SMEs and corporate clients in Burkina Faso, the Gambia, Guinea and Sierra Leone. The group’s subsidiaries operate nine branches in the Gambia, 16 in Guinea and 24 in Sierra Leone. The number of Vista Bank branches in Burkina Faso is not available.

Founded in 1956, IFC offers loans, equity investments, advisory services and technical assistance to private companies with the intent of alleviating poverty and promoting open and competitive markets in low- and middle-income countries. During the 12 months ending June 2021, the organisation disbursed investments totaling USD 31 billion, of which about one third was mobilised from partner institutions.

By Saulius Simonas Ramanauskas, Research Associate

Sources and Additional Sources

IFC press release
https://pressroom.ifc.org/all/pages/PressDetail.aspx?ID=27032

Vista Bank homepage
https://vistabankgroup.com

LinkedIn profile of Simon Tiemtore, founder of Vista Bank
https://www.linkedin.com/in/simon-t-tiemtore-b695944

IFC homepage
https://www.ifc.org

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