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 anotherUS$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.”