Ecobank Nigeria has become the recipient of facilities worth a total US$125mn from a group of financial institutions.
Dutch development bank FMO co-ordinated a US$75m subordinated term loan with a seven-year tenor, contributing US$30mn to the facility. Another US$20mn came from Deutsche Investitions- und Entwicklungsgesellschaft (DEG), Amethis Africa Finance contributed US$15mn and Swedfund International added US$10mn.
“Ecobank is pleased to have worked with FMO in raising additional Tier II capital. With this transaction, we can further support our SME clients in growing this most important and critical sector in Nigeria,” says Jibril Aku, managing director of Ecobank Nigeria.
The bank has also received a US$50mn short-term trade financing facility from Afreximbank. According to Aku, the facilities will be used to further increase the bank’s dollar liquidity and trade finance lines.