Ecobank signs $100 million loan facility agreement with European Investment Bank
The envelope will allow some of its subsidiaries to increase their lending capacity.Panafrican Bank Ecobank is to receive a seven-year $100 million (€82 million) loan facility from the European Investment Bank to provide some of its subsidiaries with additional lending capacity. It will also finance some of the Group’s strategic capital expenditures, Ecobank said in a statement.
"This funding continues our relationship with the European Investment Bank. It will allow us to continue to consolidate our expanded operations and translate our scale and geographical footprint into added value for our customers," said Ecobank's chief executive officer Albert Essien.
He added: "We shall use the financing to maintain credit provision in key economies in Africa thus contributing to the development of the continent."
This envelope comes just two weeks after the panafrican group received a $200 million loan from Deutsche Bank AG, which will be used for "general corporate purposes", according to the bank.
Ecobank owns assets worth over $20 billion, and has a footprint in more than 35 countries with a network of 1,200 branches.