Ecobank secures $ 200 million from African Development Bank
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Ecobank Transnational Incorporated and the African Development Bank (‘AfDB’) have 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.
The other US$100 million trade facilitation loan will be used by Ecobank to provide trade finance support to local corporates and SMEs in Africa.
Over a period of three and half 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.”
Source: Ecobank
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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