ETI signs $100m loan pact with European bank

Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group,has notified The Nigerian Stock Exchange that it has signed a seven-year USD 100 million loan facility agreement with the European Investment Bank.

Ecobank stated that it will use this loan to provide some of its subsidiaries with additional lending capacity. It will also finance some of the Group’s strategic capital expenditures. Ecobank continues to contribute positively to the African economy by increasing the levels of credit available to businesses while at the same time generating long-term value for its shareholders.

Ecobank Group Chief Executive Officer Albert Essien, commented: “This funding continues our relationship with the European Investment Bank. It will allow us to continue to consolidate our expanded operations and translate our scale and geographical footprint into added value for our customers. We shall use the financing to maintain credit provision in key economies in Africa thus contributing to the development of the continent.”

Source : Independent

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