Ecobank Transnational Incorporated and the African Development Bank (\u2018AfDB\u2019) have signed a US$ 200 million Trade Finance Facility.<\/p>\n
The facility was signed at an official ceremony held during the AfDB Annual General Meeting in Kigali by Mr. Albert Essien, Ecobank\u2019s Group Chief Executive, and Mr. Alex Rugamba, Director, AfDB.<\/p>\n
The facility comprises two components, a US$100 million unfunded risk-sharing facility to bolster Ecobank\u2019s capacity as an international confirming bank for trade transactions originated by issuing banks in Africa.<\/p>\n
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.<\/p>\n
Over a period of three and half years, the facility will support approximately US$1.8 billion of trade transactions in Africa.<\/p>\n
\u201cThis facility will greatly support international and intra-regional trade in Africa,\u201d commented Mr. Albert Essien, Ecobank\u2019s Group CEO. \u201cWe look forward to an ever-deepening collaboration with the AfDB to provide vital trade finance support to promote regional integration and the development of SMEs across Africa.\u201d<\/p>\n
Source: Ecobank<\/p>\n","protected":false},"excerpt":{"rendered":"
Ecobank Transnational Incorporated and the African Development Bank (\u2018AfDB\u2019) have signed a US$ 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\u2019s Group Chief Executive, and Mr. Alex Rugamba, Director, AfDB. The facility comprises two components, a […]<\/p>\n","protected":false},"author":14,"featured_media":5192,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"\n