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A syndicate of European development finance institutions led by Proparco, and including Norfund, DEG, FMO and EFP, has announced a $200 million sustainability-linked loan to support Ecobank Group’s sustainability and climate strategy.

Ecobank said the loan is a significant milestone as it is the first ever sustainability-linked loan to a sub-Saharan African financial institution. The facility is linked to two major climate commitments: a climate disclosure report to communicate on Ecobank’s green lending, exposure to carbon-intensive sectors, and exposure to physical climate risks; the other being a climate strategy.

The facility also includes a climate action plan. Proparco, in partnership with the German consulting firm IPC, will provide long-term advisory support to Ecobank Transnational Incorporated’s (ETI) teams to achieve the ambitious targets of the action plan.

ETI is the Lomé-based parent company of the Ecobank Group, which oversees 33 banking subsidiaries across the African continent. It is a key actor in the sub-Saharan Africa banking sector, with significant product offerings for SMEs and delivery of market-leading financial services on the continent including in its fragile economies.