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New Trade Finance guarantee with Ecobank to support the economies of LDCs in Guinea Conakry
Project
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Signature date
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Location
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Guinea
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Financing tool
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Financing amount (Euro)
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9000000
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Financing details
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Guarantees from Proparco to confirming banks that are members of the program for documentary credits issued by Ecobank Guinea Conakry. Maximum budget of USD 10m
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Customer
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ECOBANK GUINEE CONAKRY
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Type of customer
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Financial institution
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Country of headquarters
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Guinea
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Project number
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PGN1033
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Environmental and social ranking
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IF-B
This information is given at the time of signature, without prejudice to any developments in the operation/project.
The project involves a new guarantee for documentary credit operations. Ecobank Guinea Conakry is the final beneficiary of this new Trade Finance guarantee
Client presentation
Ecobank Group is one of the main pan-African banking groups. The bank came about through the will of African businessmen to establish a bank that would support the economic growth of the continent. It started its activities by opening a first subsidiary in Togo in March 1988. It subsequently developed in West Africa in the 1990s (opening of subsidiaries in Nigeria, Benin, Ghana and Burkina Faso).
Ecobank is today an integrated regional commercial bank which employees over 14,800 people. It has over 847 branches and offices in 33 countries in Africa, the Middle East, Asia and Europe.
Project description
Guarantees for documentary credit operations. Ecobank Guinea Conakry is the final beneficiary of the planned guarantee scheme: this subsidiary operates in an LDC and suffers constraints in the development of its activity to fund trade finance operations, as it experiences difficulties in finding confirming banks for the documentary credits it issues.