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 in Guinea access to USD 12 million each to facilitate imports of essential products. goods such as “foodstuffs, raw materials, refined petroleum products, equipment [and] consumer goods….” IFC will also provide technical assistance to Vista Bank on governance and risk management. This follows a 2020 project where IFC advised Vista Bank on “its strategy and credit capabilities, helping it increase access to financing opportunities for local SMEs [small and medium-sized enterprises]….”
Vista Bank, established in 2016, serves individuals, SMEs and businesses in Burkina Faso, 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 provides loans, equity investments, advisory services and technical assistance to private enterprises with the goal of reducing poverty and promoting open and competitive markets in low- and middle-income countries. In the 12 months ending June 2021, the organization disbursed investments totaling $31 billion, of which around a third was mobilized 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 home page
https://www.ifc.org
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