Proparco is lending $50 million to Ecobank
Proparco, a subsidiary of the French Development Agency, has granted a $50 million (€36.8 million) loan to the pan-African banking group Ecobank.Proparco, a subsidiary of the French Development Agency, has granted a $50 million (€36.8 million) loan to the pan-African banking group Ecobank.
The loan - which holds a maturity of ten years - is expected to "strengthen the long-term resources of Ecobank and finance the development of its network of local banks," said Proparco in a statement published by Jeune Afrique.
The bank, present in 35 countries in Africa, will also use this loan to strengthen its capabilities and its role in the development of the local economy, particularly for small and medium-sized enterprises, the statement added.
This is the second loan granted by Proparco to Ecobank in two years. The banking group has indeed received a €40.7 million loan in July 2012 to finance the development of its systems and its technological infrastructure.