Proparco grants 21 million euros to Ecobank to support SMEs in Africa
published on 21 December 2017
This loan is part of a $200 million syndicated loan facility arranged by the Dutch development bank FMO. Beside FMO and Proparco, DEG, BIO and OeEB participate in this financing which illustrates the coordination between - and cumulative impact of - European Development Finance Institutions (EDFIs).
The syndicated loan granted to Ecobank Transnational Incorporated, the Togo-based holding company of the pan-African Ecobank Group, will allow 12 Ecobank subsidiaries to develop their activities towards small and medium sized enterprises. This will thus directly contribute to Sustainable Development Goal (SDG) number 8 dedicated to decent work and economic growth.
The Ecobank Group is a pioneer in the African banking sector and a longstanding partner of Proparco. For example, Proparco signed its first trade finance operation with four subsidiaries of the Group in July 2017.
Proparco just granted €21M as part of @FMO_development $200M syndicated loan facility to @GroupEcobank to support #SMEs in Africa. A great example of European #Development Finance Institutions working together for job creation & economic growth in Africa https://t.co/iWJZn27kqz
— Proparco (@Proparco) 21 décembre 2017
