Ecobank signs $200 million sustainability-linked loan agreement
Summary
Ecobank said the loan is a significant milestone as it is the first ever sustainability-linked loan to a sub-Saharan African financial institution.
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.
Related
-
Stanbic IBTC to become a sustainability-certified financial institution
Stanbic IBTC embarks on a holistic sustainability journey, begins implementation of global sustainability standards ... -
Bank using sustainability to drive Uganda's socio-economic development
"UDB remains committed to fostering inclusive economic growth through strategic investments in sectors that drive ...
-
Certification programme for impact fund managers launches
Gold Standard said its requirements ensure best practice impact investing that builds on IFC safeguards, the UNDP Equity ...