Abuja -The Ecobank Group and the African Development Bank (‘AfDB’) have signed a $200 million loan deal to facilitate trade financing in the continent.
The facility was signed at an official ceremony held during the AfDB Annual General Meeting in Kigali.
Albert Essien, Ecobank’s Group Chief Executive signed for Ecobank while Alex Rugamba, Director, AfDB, signed for the bank.
The facility comprised of two components of $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 second component, is a $100 million trade facilitation loan, which would be used by Ecobank to provide trade finance support to local corporate organisations and SMEs in Africa.
Commenting, Essien, assured that the two banks would continue to deepen their collaboration for improved trade in Africa.
"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," he said.
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