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PROPARCO and Ecobank Transnational Incorporated (ETI), the holding company of Ecobank Group, today announced the signing of a USD 50m loan agreement with a 10-year maturity.

PROPARCO’s loan will allow Ecobank to strengthen its long-term resources and will support the development of its local banking network. Indeed, the Group has become the first pan- African banking group to have an integrated regional banking network in sub-Saharan Africa. PROPARCO is an active player in banking consolidation in the region and will allow Ecobank to strengthen its operational capacities and its role in developing the local economic base, particularly for small and medium-sized enterprises.

This transaction has taken place against a background of fundamental changes in Africa’s banking sector. Pan-African banking groups such as Ecobank are developing alongside traditional players and are entering new market segments, targeting those previously excluded from the banking system. They are opening more branches and are providing innovative and low-cost services tailored to communities who lack access to banking services. These groups are driven by economic growth, which is gathering pace in Africa, and their activity is increasing steadily.

Ecobank was founded in 1985 and is today the largest pan-African banking group by number of locations, operating in 35 countries.

The group is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. It is listed on three West African stock exchanges and currently has over 1,200 branches and 19,000 employees.

PROPARCO is a Development Financial Institution owned by Agence Française de Développement (AFD). PROPARCO promotes private investment in developing countries.

 

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