Ecobank Group, one of the foremost pan-African banking groups, has finalized an agreement for a €100 million long-term credit facility over 9 years with the European Investment Bank (EIB).
The facility reinforces the shared commitment of both Ecobank Group and EIB to providing the needed support to small businesses across Africa. The facility is specifically geared towards helping firms in sectors most impacted by the COVID-19 pandemic recover steadily.
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said: “The €100 million 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. We thank the EIB for its focus and commitment to the continent.”
Ambroise Fayolle, Vice-President, European Investment Bank, said: “This latest cooperation with Ecobank Group will help companies to better tackle challenges triggered by the COVID-19 pandemic, unlock economic and social opportunities, especially for SMEs and women-owned and women-run enterprises, across Sub-Saharan Africa in the coming weeks.”
This newest cooperation between Ecobank Group and the European Investment Bank to bolster private sector investment across Africa was officially sealed 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.
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