EBRD provides long-term financing for critical minerals in Côte d’Ivoire

• EBRD providing US$ 30 million loan to Polynickel West Africa Holding, a subsidiary of CoreX Holding, as part of US$ 180 million syndicated facility
• Loan will support sustainable production of nickel, a critical raw material for energy transition
• Project will strengthen supply chains for critical raw materials, development of workforce skills and sustainable mining practices

The European Bank for Reconstruction and Development (EBRD) is providing a secured loan of US$ 30 million (€26 million equivalent) to Polynickel West Africa Holding (Polynickel), a subsidiary of CoreX Holding (CoreX), a diversified international conglomerate and a longstanding EBRD client.

The EBRD’s loan is part of a US$ 180 million (€156 million equivalent) syndicated facility provided alongside FirstRand Bank, acting through its Rand Merchant Bank division, Absa Bank, Mauritius Commercial Bank and Abu Dhabi Commercial Bank. The facility will convert a temporary bridge loan extended to Polynickel – which was used to fund the acquisition of a majority stake in Compagnie Minière du Bafing (CMB), a nickel mining company in Côte d’Ivoire –into long-term syndicated financing.

CMB operates one of the largest nickel deposits in the world. Nickel is designated as a critical raw material across all major advanced economies, reflecting its essential role in the energy transition and the heavy industry and infrastructure sectors that underpin modern and sustainable economies, ranging from stainless steel production to technologies linked to the energy transition.

This investment will help to secure the long-term, sustainable operation of the mine, strengthen its capital structure and support its continued growth and resilience. It will also further reinforce the Bank’s longstanding partnership with CoreX and support its continued international expansion.

Polynickel has also committed to applying the EBRD’s requirements for environmental and social compliance (E&S) aspects of CMB’s mining operations, in line with best international practices and standards

Technical training programmes will be offered to employees of CMB and contractors in health, safety and environment, corporate social responsibility, engineering and technical functions. These programmes go beyond standard E&S compliance, aiming to establish specialist technical expertise, promote the adoption of international standards for mining operations, and support the development of local capacity in Côte d’Ivoire.

Côte d’Ivoire became an EBRD country of operation in 2025, with the Bank investing €116.7 million in the country to date across three projects. The EBRD’s priorities in Côte d’Ivoire include strengthening private-sector competitiveness, supporting sustainable infrastructure, and promoting investment that supports economic development and job creation.