Liberia: Ecobank signs $200m financing facility with AfDB

May 29, 2014

Ecobank and the African Development Bank (AfDB) signed on Wednesday 21st May an agreement for the creation of a $200 million (€147 million) financing facility to boost intra-regional trade in Africa, the Pan-African lender told Reuters.

Ecobank and the African Development Bank (AfDB) signed
on
Wednesday 21st May an agreement for the creation of a $200 million (€147 million) financing facility to boost intra-regional trade in Africa, the Pan-African lender told Reuters.

“This facility will greatly support international and intra-regional trade in Africa,” Ecobank CEO, Albert Essien said in a statement.

"We look forward to an ever-deepening collaboration with the AfDB to provide vital trade finance support to promote regional integration and the development of SMEs across Africa," he added.

The facility comprises a trade facilitation and origination loan and will support around $1.8 billion of trade transactions in Africa over
three and a half years, from local corporates and small and medium-sized businesses, the bank said.

This facility is part of coordinated efforts by
donors and the government to help small businesses grow and boost growth in the country, following a long-running civil war which ended in 2003.
According to the International Finance Corporation, Liberia's SMEs have been struggling
with no access to training or financing for support, and have been largely shut out of formal import and export markets and battled with power cuts, pot-holed roads, and poor equipment.ADNFCR-2976-ID-801723892-ADNFCR