Ecobank Transnational Incorporated ("Ecobank" or "the Group") and the African Development Bank ('AfDB') on Wednesday 21st May signed a US$ 200 million Trade Finance Facility. The facility was signed at an official ceremony held during the AfDB Annual General Meeting in Kigali by Mr. Albert Essien, Ecobank's Group Chief Executive, and Mr. Alex Rugamba, Director, AfDB.
The facility comprises two components: a US$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 US$100 million trade facilitation loan which will be used by Ecobank to provide trade finance support to local corporates and SMEs in Africa. Over a period of 3.5 years, the facility will support approximately US$1.8 billion of trade transactions in Africa.
"This facility will greatly support international and intra-regional trade in Africa," commented Mr. Albert Essien, Ecobank's Group CEO. "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."
Notes to Editors
Incorporated in LomÉ, Togo, Ecobank Transnational Incorporated ('ETI') is the parent company of the leading independent pan-African banking group, Ecobank. 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), CÔte d'Ivoire, 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, Zimbabwe. The Group is also represented in France through its affiliate EBI SA in Paris. ETI 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 (UEMOA) - 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 organizations, medium, small and micro businesses and individuals. Additional information may be found at: ecobank.com