|Approval Date||02 Apr 2003|
|Signature Date||23 Oct 2003|
|Sovereign / Non-Sovereign||Non Sovereign|
|DAC Sector Code||24030|
The proposed project fits well within the Bank's Private Sector Strategy. It involves the extension of a Regional LOC of US$20 million to Ecobank Transnational Incorporated (ETI). ETI is a regional banking group, with 12 subsidiaries and 58 branches in the West & Central African Regions, that needs financial support to expand its operations and banking culture to otherwise disadvantaged locations within the sub-regions. The funds would be on-lent to ETI’s 12 subsidiaries in the West and Central African sub-regions. The subsidiaries will, in turn, on-lend the funds to their corporate clients and bankable SMEs with: (i) export income streams; (ii) export potentials; and (iii) strong profitability track record in local currency, in the Manufacturing, Agro-business, Mining, Energy, Transport, Telecommunications, Leasing, Non-Traditional Exports, Tourism and Services Sectors, etc. The proceeds of the LOC will be used to provide medium-to-long term project finance and to finance capital equipment including permanent working capital required to create new production capacities and to increase the capacity utilization of existing facilities.
The project aims to support the growing private enterprise-sectors in the West and Central African regions, which enjoy strong government support. Extending the LOC to the Group and subsequently, to other private sector banks and financial institutions in the sub-regions will enable the Bank to play a significant role in the development of financial markets and regional integration in the West and Central African sub-regions.
The project will primarily benefit Ecobank Transnational Incorporated (ETI), its 12 subsidiaries and their corporate and SME customers.
African Development Bank
|Last Update||20 Jun 2021|