Sunday, May 26, 2024
No menu items!
Ad

Top 5 This Week

bama cap

Related Posts

Ecobank Granted $200 Million Financing Facility By AfDB To Bolster Its Trade Finance Capabilities In Africa

- Ad-
Share this

trade

- Ad -

 

Ecobank Transnational Incorporated (the Group) and the African Development Bank on recently signed $200 million Trade Finance Facility.  The facility was signed at an official ceremony held during the AfDB Annual General Meeting in Kigali by Albert Essien, Ecobank’s Group Chief Executive, and Alex Rugamba, Director, AfDB.

- Ad-

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

 

- Ad -
  • a $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 $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.”

Share this
- Ad -
Caroline Vutagwa
Caroline Vutagwahttps://my.techmoran.com
Minding my own business is not enough for me that's why you will always find me minding Africa's Businesses as well as Technology and of course letting you know about it. Talk to me on [email protected]

Popular Articles