Ecobank Transnational Incorporated (ETI) has announced in a statement released on the 22nd December 2014, that it has signed a loan agreement of $ 100 million for a period of 7 years, with the European Investment Bank.
“This funding is part of our relationship with the European Investment Bank. It will allow us to continue to consolidate the expansion of our business, the result of added value for our customers, the size of the institution and its geographical coverage. We will use this funding to maintain the supply of credit in Africa and to contribute to the development of the continent, “said Albert Essien the general manager of the banking group.
The $ 100 million is in addition to a $ 200 million obtained from Deutsche Bank last 9th December 2014 and $ 150 million obtained the past weeks from 5 banks. This new loan, will allow the Ecobank Group to strengthen the financing capacities of its subsidiaries and to finance in part the acquisition of strategic assets. “Ecobank contribute to the African economy by increasing credit availability for businesses and the long-term value creation for its shareholders,” said Albert Essien in the statement.
The group has also finished the year with a very mixed perception of investors in the financial markets in which it operates.