Afreximbank, Ecobank Transnational sign $500m MoU on trade finance

The African Export-Import Bank (Afreximbank) and Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group have signed a memorandum of understanding (MOU) to create a $500 million programme dedicated to financing trade among Afreximbank member countries where Ecobank conducts banking business.

The co-operation between the two institutions which was publish by the Nigerian Stock Exchange will support efforts at promoting intraAfrican trade, facilitating industrial development and export development, and strengthening African trade finance leadership, with the ultimate goal of transforming the African continent.

Under the agreement, Afreximbank and Ecobank will design joint innovative and tailor-made financial instruments and solutions to support private sector corporates and select strategic public sector institutions, as well as small and medium enterprises or “SMEs.” This will enable them to participate effectively in the production of value added goods and services in national, regional and continental value chains.

Ecobank Group CEO Ade Ayeyemi said: “We welcome this win-win collaboration between Ecobank and Afreximbank. It is co-operation that will lead to a more efficient way of channelling trade finance towards supporting growth of intra-African trade and industrialisation.”