With Norfund and DEG, Proparco is helping Ecobank Group address the effects of the crisis

Ecobank Transnational Incorporated (“ETI”) is the parent company of Ecobank  Group, the leading independent pan-African banking group. Ecobank Group employs some 14,000 people and serves some 29 million clients in the retail banking, commercial banking and corporate banking sectors in 33 African countries. The Group offers a comprehensive range of banking products, services and solutions, including for bank and deposit accounts, loans, cash flow management, advice, trade, securities and wealth and asset management.

As part of its response to the COVID-19 crisis, Proparco has allocated a USD 35m loan to ETI. Proparco has also syndicated the contributions of Norway’s Norfund (USD 15m) and Germany’s DEG (USD 10m), i.e. a total of USD 60m of financing.  

This loan will strengthen ETI’s liquidity program to support the foreign currency liquidity needs of its subsidiaries. It will allow Ecobank’s subsidiaries to strengthen their core business of financing the private sector in the current context of the economic impact of Covid-19. 

The operation is part of France’s Choose Africa Resilience initiative.

The project will have positive effects on the development of Ecobank’s activities, in particular on the range of financial services for the financial sector in the countries where the bank operates.