Ecobank Transnational Incorporated (ETI) (“Ecobank” or “the Group”), parent company of the Ecobank Group, and the African Development Bank (‘AfDB’) have signed a US$200 million trade finance facility to bolster ETI’s ability to provide adequate trade finance in Africa. The facility was signed on Wednesday, May 21, 2014 at an official ceremony held during the AfDB Annual General Meeting in the Rwandan capital, Kigali. The Group chief executive officer (CEO) of Ecobank Mr. Albert Essien and Mr. Alex Rugamba director, AfDB signed the agreement for their respective institutions.
According to details of the agreement, 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 corporate and small medium enterprise (SMEs) in Africa. It is expected that the facility will support approximately US$1.8 billion of trade transactions in Africa over a period of 3.5 years.
In separate remarks, Ecobank Group CEO Mr. Albert Essien commented “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.” In brief remarks, Mr. Alex Rugamba, director, AfDB pledged the Bank’s commitment to helping to improve trade finance and SMEs development and growth in Africa. “This is part of our duty,” he said.
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 employsover19, 000 people in 39 different countries in over 1,250branches 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.