Cote d’Ivoire - Economy - Financing

Cote d’Ivoire: AfDB lends $35mn to EBI SA

APA-Abidjan (Cote d’Ivoire)

The line of credit granted by the African Development Bank (AfDB) to the subsidiary of Ecobank International is expected to boost its trade finance activities in Africa.

The financial operation was approved on 19 November in Abidjan by the Board of Directors of the African Development Bank (AfDB). Specifically, the credit line of 35 million dollars, or 20 billion CFA francs, should enable EBI SA to support “more than 50 issuing banks operating in 35 African countries” and “stimulate trade transactions worth nearly 300 million dollars (173 billion CFA francs) over a period of three years.”

 

According to AfDB’s Director of Financial Sector Development, Stefan Nalletamby, “institutions face serious difficulties in obtaining sufficient credit from international banks to support small African businesses and local companies trading internationally.”

 

The renewal of the partnership between the financial institution and Ecobank International, which underpins the line of credit, responds to the strong demand for financing in agriculture, transport, construction, health and manufacturing, according to a statement seen Friday by APA.

 

This mechanism, the source said, is in line with three of the five major strategic priorities of the African Development Bank namely: industrializing Africa, integrating Africa and feeding Africa.

 

“It is also in line with the operational priorities of the AfDB’s financial sector development strategy, which aims to promote greater access to finance for small businesses and to broaden and deepen African financial markets,” the document said.

 

For his part, Joseph Ribeiro, AfDB Deputy Director General for West Africa, said that “this new facility” offers “a flexible use of the AfDB Group’s strong risk-taking capacity.”

 


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