UncategorizedAfDB approves $35m facility for Ecobank affiliate

AfDB approves $35m facility for Ecobank affiliate

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The board of African Development Bank has said it has approved a $35m unfunded risk-sharing facility to support the trade finance activities in Africa of EBI SA, an affiliate of EBI Transnational Incorporated.

A statement on its website said the facility was approved on November 19, 2021.

The Director for Financial Sector Development at AfDB, Stefan Nalletamby, said the renewal of the partnership with Ecobank came at a time when most African issuing banks were battling with the negative impact of the COVID-19 pandemic.

Nalletamby said, “Institutions are facing severe constraints in obtaining adequate facilities from international banks to support African small businesses and local corporates involved in international trade.
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“The facility will support more than 50 issuing banks operating in 35 African countries and is projected to catalyse close to $300m worth of trade transactions over a three-year period.”

The statement said the facility aligned with the acute market demand for trade finance in Africa in agriculture, transport, construction, health and manufacturing.

According to AfDB, the facility is consistent with the bank’s High Five strategic priorities, specifically industrialise Africa, integrate Africa, and Feed Africa.
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“It is also in line with the operational priorities of the bank’s financial sector development strategy, which promotes increased access to finance for small businesses and widening and deepening African financial markets,” the statement said

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