Ecobank Group, the leading pan-African banking group, said a new agreement with the European Investment Bank (EIB) has enabled it to secure a €100 million long-term credit facility which would be invested in Africa’s small businesses.
Ade Ayeyemi, Chief Executive Officer, Ecobank Group, said: “At Ecobank we are fully committed to providing a range of initiatives that support the growth and success of Africa’s Small and Medium-sized Enterprises and create employment opportunities. This informed the credit facility that we have just secured from the EIB which we believe will deliver real impact in our joint mission to develop SMEs across Africa. The €100 million facility will support the recovery of African SMEs from the COVID-19 pandemic while also helping to provide them with the impetus to grasp the immense growth opportunities from the African Continental Free Trade Area vast single market. We thank the EIB for its focus and commitment to the continent.”
The latest cooperation between Ecobank Group and the European Investment Bank to support private sector investment across Africa was formally agreed at the EU Delegation to Togo in Lomé, in the presence of Koen Doens, Director-General for International Cooperation and Development at the European Commission.
The EIB loan will also be accompanied by technical assistance under the AWRI (African Women Rising Initiative) program of the EIB with gender finance focused training and capacity building for lending to women entrepreneurs, closely aligned with the Ellevate by Ecobank initiative which supports women-focused businesses across the continent. Ecobank Group and EIB both recognise the importance of ensuring access to finance by female-owned and female-focused businesses, in particular during times of economic and investment uncertainty related to COVID-19.