The Ecobank group has signed an agreement for a long-term credit facility of 100 million euros ($ 112 million) over nine years with the European Investment Bank (EIB). This funding is intended for African SMEs and the sectors most affected by the Covid-19 pandemic.
The facility is divided into three regional facilities: West and Central Africa, East Africa and Southern Africa. Funding will be provided through Ecobank subsidiaries for investment projects undertaken by private sector companies. The EIB has made this facility available, through its Covid-19 Rapid Response Facility, to private sector entities active in eligible productive sectors with fewer than 3,000 employees.
“This latest cooperation with Ecobank Group will help businesses better address the challenges triggered by the COVID-19 pandemic, unlock economic and social opportunities, especially for SMEs and women-owned and female-led businesses,” across sub-Saharan Africa in the coming weeks, ”said Ambroise Fayolle, EIB Vice-President.
This facility agreement follows the signing by the EIB of a € 12.5 million loan to Ecobank Malawi in December 2020, to improve access to finance for SMEs in the agricultural sector in Malawi in order to extend, modernize and modernize their equipment.