News Column

Rwanda : ECOBANK, AFDB ink USD200M trade funding deal

May 27, 2014

The Ecobank Group's parent company, Ecobank Transnational Incorporated (ETI), has inked a US$200 million trade funding deal with the African Development Bank ('AfDB') to strengthenr ETI's ability to offer adequate trade fund in Africa.

The deal was inked at an official ceremony held on Wednesday, May 21, 2014 during the AfDB Annual General Meeting in the Rwandan capital, Kigali.

Ecobank's Group CEO Mr. Albert Essien and Mr. Alex Rugamba director, AfDB inked the deal on behalf of their respective institutions.

As per the deal, the facility is made of two parts : a US$100 million unfinanced risk-sharing facility to strengthen Ecobank's capacity as a global confirming bank for trade transactions originated by issuing banks in Africa and also a US$100 million trade facilitation loan which Ecobank will use to offer trade finance support to domestic corporate and small medium enterprise (SMEs) in Africa.

The facility is expected to support nearly US$1.8 billion of trade transactions in Africa over a period of 3.5 years.

Essien said "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."

Rugamba, commited AfDB's dedication to help boost trade finance and SMEs development and growth in Africa.

He said : "This is part of our duty."

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters