Bridging the Gap: A Collaborative Approach to Revitalizing Côte d'Ivoire's Trade Landscape

MIGA partnered with FirstRand Bank Limited's Rand Merchant Bank Division (RMB) and the government of Côte d'Ivoire to address these trade finance challenges through a guarantee structure. This collaboration aimed to unlock access to finance and stimulate economic growth in key sectors.
The partnership's initial phase launched in August 2023 with an 11-month trade finance guarantee between MIGA and RMB. This partnership increased trade-related funding available to the government of Côte d'Ivoire from €141.5 million to €241.5 million and covered the risk of non-payment by the government on short-term traderelated loans.
Responding to the government of Côte d'Ivoire's request for additional financing in 2024, MIGA expanded its support through an extended guarantee. This enhancement finances trade-related elements of various development initiatives, including education, health, sanitation, water services, agriculture, and electricity access programs. To meet this increased demand and further diversify the risk, RMB brought in Mizuho Bank, Ltd. as a strategic lending partner in the new guarantee, creating a powerful coalition of financial institutions committed to Côte d'Ivoire's development.
PROJECT HIGHLIGHTS
MIGA provided a €400M Trade Finance Guarantee to FirstRand's RMB and Mizuho Bank, supporting Côte d'Ivoire's economic stability.
The guarantee provided short-term loans for trade-related payments in key sectors such as health care, infrastructure, and agriculture.
With an estimated trade finance gap of $2.4 billion affecting micro, small, and medium-sized enterprises (MSMEs), MIGA's involvement mitigated risks of the government non payment but also catalyzed investment in a challenging economic environment.
The initiative successfully increased market liquidity and enhanced trade capabilities, driving local economic growth.
RMB received Global Trade Review awards for Best Trade Finance Bank in South Africa and Best Trade Finance Deal in Africa for this MIGA collaboration.