Ecobank secures €100 million credit facility from EIB to fund SMEs
The facility is split into three regional facilities: West & Central Africa, Eastern Africa, and Southern Africa.
Ecobank Group, a leading pan-African banking group, has signed an agreement for a €100 million long-term credit facility over nine years with the European Investment Bank (EIB). The facility affirms joint Ecobank Group and EIB targeted support for business investment across Africa, with particular support for the sectors most impacted by the COVID-19 pandemic.
According to a statement EIB sent to Financial Nigeria on 25 November 2021, the latest cooperation between Ecobank and EIB to support private sector investment across Africa was formally agreed at the EU Delegation to Togo in Lomé, in the presence of Koen Doens, Director-General for International Cooperation and Development at the European Commission.
The facility is split into three regional facilities: West & Central Africa, Eastern Africa, and Southern Africa. Funding will be provided through Ecobank affiliates, for investment projects undertaken by private sector companies. The EIB made the facility available through its COVID-19 Rapid Response Facility, for private sector entities active in eligible productive sectors, with fewer than 3,000 employees.
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said the facility will support the recovery of African SMEs from the COVID-19 pandemic while also helping to provide them with the impetus to grasp the immense growth opportunities from the African Continental Free Trade Area vast single market.
Most Popular News
- Macro analysis says the sky is likely the limit of the naira exchange rate
- Port Harcourt Region of Transmission Company of Nigeria
- Gates Foundation commits $1.4 billion to climate adaptation at COP27
- Nigeria to be among world’s top 10 economies by 2050
- Nigeria ranks as world's second-largest bitcoin trader after the US
- ASR Africa starts N1 billion grant projects in University of Benin