Ecobank secures $60M loan from European development consortium

Tuesday, 26 October 2021 15:50
Ecobank secures $60M loan from European development consortium

(Togo First) - The Lomé-based pan-African bank Ecobank has secured a $60 million loan from a consortium led by PROPARCO, the AFD’s arm dedicated to the private sector. The group will use the money to support its 33 subsidiaries across Africa.

Besides PROPARCO which provided $35 million, other members of the consortium include the Norwegian fund Norfund and DEG (a subsidiary of the German Development Bank KfW). According to the French Development Agency (AFD), these two members will loan respectively $15 million and $10 million to Ecobank.

“This $60 million loan will help in our commitment to the economic development of the continent, particularly in growing the SME segment in their recovery from the impact of the COVID-19 pandemic,” said Ae Ayeyemi, Chief Executive Officer Ecobank.  “Proparco has been a close and sustained partner of Ecobank together with Norfund and DEG.  They have continued to support the Ecobank Group’s strategic objectives across our unparalleled Africa footprint,” he also said. 

The AFD indicated that the loan is part of the Choose Africa Resilience program - a €1 billion project aimed at supporting SMEs hit by the Covid-19 pandemic.

The same goal drove Ecobank to partner with AUDA-NEPAD.

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