THE Pan-African banking group, Ecobank Transnational Incorporated has received a $200 million funding facility from Africa Development Bank (AfDB) to bolster its trade finance projects in Africa.
Business Reporter
Ecobank said in a statement it had signed a $200 million trade finance facility over a period of 3,5 years.
The facility was signed during the AfDB annual general meeting in Kigali by Ecobank group chief executive Albert Essien and AfDB director Alex Rugamba.
The facility comprises two components — a $100 million unfunded risk-sharing facility to bolster Ecobank’s capacity as an international confirming bank for trade transactions originated by issuing banks in Africa and another $100 million trade facilitation loan which will be used by Ecobank to provide trade finance support to local corporates and small and medium enterprises (SMEs) in Africa.
The facility will support approximately $1,8 billion of trade transactions in Africa.
“This facility will greatly support international and intra-regional trade in Africa. We look forward to an ever-deepening collaboration with the AfDB to provide vital trade finance support to promote regional integration and the development of SMEs across Africa,” said Essien
Ecobank Transnational Incorporated is the parent company of the leading independent pan-African banking group, Ecobank.
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It currently has a presence in 35 African countries, namely Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Ivory Coast, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe.
The group was also represented in France through its affiliate EBI SA in Paris. Ecobank Transnational Incorporated also has representative offices in Dubai (United Arab Emirates), London (UK) and Beijing (China).
ETI is listed on the stock exchanges in Lagos, Accra, and the West African Economic and Monetary Union — the BRVM.
The group is owned by more than 600 000 local and international institutional and individual shareholders. The group employs over 19 000 people in 39 different countries in over 1 250 branches and offices.
Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals.
