Ecobank has awarded $280 million in additional financing to SMEs in 2014
This increase is mainly due to the technical assistance program offered by the International Finance Corporation.The amount of loans granted by Ecobank Transnational Incorporated to small and medium-sized enterprises (SMEs) increased from $720 million (€656.5 million) to about a billion dollars between 2013 to 2014, Moustapha Fall, the Chief Executive of the group's Cameroonian subsidiary, has said.
He believes that this increase is due to the technical assistance program offered by the International Finance Corporation and the signing of partial guarantees mechanisms, signed with the French Development Agency, the AGF Group and USAID for risk coverage.
"We trust that through this growing engagement, the Ecobank group will have a positive contribution on jobs and more generally on the economic growth of the region. Our ultimate goal is to contribute to the development of our most successful SMEs so that they become large local and regional companies," Mr Fall told the Ecofin agency.
Ecobank also signed in 2014 an agreement for a seven-year $100 million loan facility from the European Investment Bank to provide some of its subsidiaries with additional lending capacity.
Furthermore, the pan-African group received a $200 million loan from Deutsche Bank AG, which will be used for "general corporate purposes".