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Supporting the import and export of essential goods in Liberia
Project
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Signature date
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Location
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Liberia
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Financing tool
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Financing amount (Euro)
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9600000
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Financing details
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Guarantees provided by Proparco to the confirming banks that are members of the program for documentary credits issued by Ecobank Liberia. Maximum envelope of USD 10m.
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Customer
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ECOBANK LIBERIA
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Type of customer
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Financial institution
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Country of headquarters
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Liberia
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Project number
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PLR1010
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Environmental and social ranking
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IF-C
This information is given at the time of signature, without prejudice to any developments in the operation/project.
Proparco has signed a Trade Finance guarantee program which aims to support Ecobank Liberia on international markets and encourage foreign banks to engage in Trade Finance operations with the bank and its local clients. The objective is to promote the development of international trade by facilitating the import and export of essential goods. This project is part of Choose Africa, the French initiative to support African entrepreneurship launched in 2018.
Client presentation
Ecobank Group is one of the main pan-African banking groups. It came about through the will of African businessmen to establish a bank to support Africa’s economic growth. Ecobank Group started its activities by opening a first subsidiary in Togo in March 1988. It subsequently developed in West Africa in the 1990s, with the opening of subsidiaries in Nigeria, Benin, Ghana and Burkina Faso.
Ecobank Group is today an integrated regional commercial bank with over 14,800 employees and 847 branches and offices in 33 countries in Africa, the Middle East, Asia and Europe.
Project description
Following a Trade Finance pilot project launched in 2017 with Ecobank Group’s subsidiaries in Mali, Burkina Faso, Guinea and Côte d'Ivoire (and their French subsidiary as the confirming bank), PROPARCO has signed a USD 10m Trade Finance guarantee program with Ecobank Liberia Limited (ELR).
The Trade Finance facility, for a renewable two-year period, will enable Ecobank Liberia to issue international Trade Finance instruments for an amount of up to USD 10m.
This project will have a significant impact, as it is supporting the bank on international markets and encouraging foreign banks to increase their Trade Finance operations with Ecobank Liberia and its local clients.