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Africa: Ecobank, BoI Sign MoU to Support MSMEs
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Vanguard (Lagos)
16 July 2008
Posted to the web 16 July 2008
Peter Egwuatu
Lagos
Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group and Bank of Industry (BOI) have signed a Memorandum of Understanding (MoU) to jointly support Micro, Small & Medium Businesses across Africa (MSMEs).
By this agreement, the parties have agreed to jointly finance active entrepreneurs, implement initiatives that will facilitate regional trade and commercial activities across the region and to develop and implement capacity building and other initiatives required to facilitate growth of MSMEs in Africa.
And given its un-paralleled footprint, Ecobank will provide the reach required to achieve the lofty objectives of this unique regional partnership.
Responding to newsmen's questions after the MoU ceremony which held in Lagos Monday, Group CEO of Ecobank, Mr. Arnold Ekpe, said "Ecobank is committed to providing a full range of excellent banking services to all customer groups across Africa and is therefore delighted to be partnering with a focused partner such as Bank of Industry to bring comprehensive services to MSMEs which is a very important sector and in the process contribute significantly to the economic development of Africa".
Also speaking, Evelyn Oputu, the Managing Director and Chief Executive Officer of BOI, said "The prospects of the collaboration are enormous with BOI's competence and experience in long term development financing as well as Ecobank's highly impressive commercial banking expertise and network in Africa".
The partnership would provide a unique framework for mobilising resources within and outside the continent in support of entrepreneurship and private sector development in Africa which according to her are indispensable prerequisites for attaining the Millennium Development Goals.
"With this partnership, Ecobank, the leading pan African banking group in Africa with a presence in 24 African countries and the Bank of Industry, a leading development bank in Africa, seek to cooperate together in supporting entrepreneurs and working together as partners in their efforts to contribute to the economic and financial development of Africa".
BOI was established with a mandate to provide mainly long term financial assistance for the establishment of large, medium and small projects and is particularly committed to the development of micro, small and medium enterprises (MSMEs) in Nigeria and the rest of Africa.
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And Ecobank is committed to providing leadership in regional banking in Africa and providing a strong platform to support initiatives that have significant potential of empowering markets and businesses in Africa. Incorporated in 1985, ECOBANK Transnational Incorporated (ETI) is the parent company of the largest independent regional banking group in Africa.The Ecobank Group currently operates in 24 African countries in the west, east and central part of the continent.
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