Supporting the sustainable strategy of a key player in the Sub-Saharan African banking sector

Ecobank Transnational Incorporated (ETI) is the Lomé-based parent company of Ecobank Group, which oversees 33 banking subsidiaries across Africa. The Group employs more than 14,000 people and offers products, services and solutions for consumer banking, commercial banking, corporate banking and investment banking to more than 32 million clients through multiple channels, including digital channels.

A syndicate of European Development Finance Institutions (EDFIs), led by Proparco and comprising Norfund, DEG, FMO and EFP, has announced a USD 200m Sustainability-Linked Loan to support Ecobank Group’s sustainable development and climate strategy. It is the first ever Sustainability-Linked Loan to a Sub-Saharan African financial institution.

The facility allocated is linked to two major climate commitments by the bank: Climate Disclosures and the definition of a climate strategy. The facility also comprises a Climate Action Plan. Proparco, in partnership with the German consulting firm IPC, will provide long-term advisory support to Ecobank Transnational Incorporated’s teams to achieve these ambitious targets. The facility is also expected to help finance 9,300 SMEs across Sub-Saharan Africa. 

The project qualifies for the 2X Challenge, on the basis of employment criteria, and will contribute to Sustainable Development Goals (SDGs) 5, 8 and 13.