Proparco signs its first trade finance loan with Ecobank
published on 12 July 2017
On 12 July Proparco and the pan-African banking group Ecobank signed a USD 50 million trade finance guarantee package in Abidjan (Côte d’Ivoire). By guaranteeing documentary credits issued by four Ecobank subsidiaries in West Africa, Proparco is supporting international trade operations financed by the group and expanding its own range of financial instruments.
This guarantee will help to boost trade between African and European countries by enhancing the capacity of four of Ecobank’s African subsidiaries (in Burkina Faso, Côte d’Ivoire, Guinea (Conakry) and Mali) to finance import / export operations with EBI S.A., Ecobank’s French-based subsidiary.
A new type of finance to support a longstanding partnership
The signing ceremony was held in Abidjan in the presence of Grégory CLEMENTE and Charles DABOIKO, CEOs of Proparco and Ecobank Côte d’Ivoire, respectively.
As Charles DABOIKO, CEO of Ecobank Côte d’Ivoire, explained, “this financing operation will enable the Group to expand its range of activities. It forms part of a long-standing and well-established partnership between Proparco and the Ecobank Group designed to support and grow the business of our leading pan-African banking group.
Grégory Clemente, Chief Executive Officer of Proparco added that “the deployment of a pilot trade finance loan forms part of Proparco’s objectives under its 2017-2020 strategy designed to meet customer requirements. We are delighted to conduct our first operation of this type with Ecobank, a longstanding partner and a pioneer in the African banking sector”.
Proparco’s major commitment to West Africa
This signature took place during Grégory CLEMENTE’s visit to Côte d’Ivoire and Senegal – the second such visit since he was appointed CEO in April 2016.
In the course of this trip, the Proparco delegation met with a number of key players from the Ivoirian private sector, notably from the agri-food, retail, real estate, construction and public works, and financial services sectors. Meetings were also organised with government bodies and with financial backers present in Abidjan.
Proparco has been active in Côte d’Ivoire since it was founded in 1977. Some of its more recent flagship operations in the country include projects in airport and energy infrastructure development (Abidjan International Airport, Azito and Ciprel thermal power stations), the cement sector (Limak), the agri-food sector (Sucrivoire, Palmci, Olam) and the banking sector.
