Ecobank has given ETG Trading a US$77.5mn trade finance facility.

The facility will provide the East African soft commodity trader with local currency financing for its subsidiaries in nine countries, namely Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Nigeria, Niger, Senegal, Togo and Uganda.

While the terms are undisclosed, GTR understands that they are structured in a way that benefits early stage transactions, rather than major projects, for which stand-alone structured financing would be more appropriate.

Jean Craven, head of corporate finance at ETG says: “ETG embarked on rolling out its West African business two years ago, initially covering 11 countries. With this new Ecobank facility, ETG will be able to strengthen its investment plans and trading activity across the region. We are both excited and thankful for Ecobank’s valuable support.”

Charles Kie, Ecobank’s group head of corporate banking, says: “By arranging a facility that encompasses numerous jurisdictions and currencies, we have enabled ETG to simplify and streamline its banking arrangements within Anglophone and Francophone markets. We are delighted to be able to assist ETG with its working capital requirements and look forward to building on our relationship in the future.”