Bridge Bank Group Côte d'Ivoire (BBG CI) has expanded its suite of financial services to provide trade finance products including letters of credit (L/Cs) for its target market of small- and medium-sized enterprises (SMEs) operating in the west African country.

The bank has also leveraged partnerships with development institutions to increase guarantees and risk-sharing facilities, thus enabling BBG CI to broaden its financial services offering while mitigating its own risks.

Supporting SMEs

BBG CI has expanded its trade finance offerings to encompass foreign currency drafts and L/Cs, enhancing the range of traditional working capital financing.

These financial instruments are specifically crafted to support SMEs in facilitating international transactions and maintaining liquidity.

Established in 2006, BBG CI was initially geared towards SMEs to provide them with suitable financing and solutions, although it has now expanded its customer base.

Development institutions

Strategic partnerships with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), Africa Guarantee Fund (AGF) and World Bank Group member, the International Finance Corporation, have increased guarantees and risk-sharing facilities utilised by the bank.

The ICIEC for example last year approved a EUR 20 million (US$21.9 million) Murabaha facility for BBGCI targeting the trade finance needs of private sector clients of the bank, with a particular focus on essential commodities such as petroleum products and staple food imports

Shareholders in AGF include the African Development Bank, Nordic Development Fund, and development institutions of the governments of Denmark, Spain, and France.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.