Ecobank and BADEA Sign USD40 Million Loan Agreement

BADEA
Arab Bank for Economic Development in Africa (BADEA)
11 May 2015
Content from a Premium Partner
Ecobank (Lome)
press release

Ecobank Transnational Incorporated (ETI), parent company of independent pan-African banking group Ecobank, and Khartoum-based Arab Bank for Economic Development in Africa (BADEA) today entered into a USD 40 million loan agreement. Under the terms of the agreement, BADEA will provide these funds to support trade between BADEA member countries and Ecobank clients in sub-Saharan Africa.

Ecobank Group CEO Albert Essien said: “This facility will strengthen Ecobank’s ability to grow our fee-based business while also supporting the growing trade flows between BADEA’s member countries and sub-Saharan Africa. We welcome our new partnership with BADEA, which is a further step in diversifying Ecobank’s lender/investor base.” BADEA Director General Abdelaziz Khelef said: “This is the first operation in which BADEA and the Ecobank Group join efforts to promote Arab-African trade and development. It is our hope that new joint initiatives will be taken in the future to further enhance our nascent cooperation.” The loan facility will finance a range of commodities to be identified by BADEA and Ecobank.

Contact

Corporate Communications Department
Ecobank Transnational Incorporated
2365 Boulevard du Mono
Lomé, Togo
Tel: +228 22 21 0303
Email: CorpComms@ecobank.com
Twitter: @GroupEcobank

About Ecobank

Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (‘ETI’) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.

About BADEA

The Arab Bank for Economic Development in Africa (BADEA) was established pursuant to the resolution of the 6th Arab Summit Conference at Algiers (28th November 1973). The Bank began operations in March 1975.

BADEA is a financial institution owned by eighteen Arab member countries of the League of Arab States, which signed its Establishing Agreement in 18th February 1974. The Bank is an independent International Institution enjoying full international legal status and complete autonomy in administrative and financial matters. It is governed by the provisions of its Establishing Agreement and the principles of international law.

Tagged:
Copyright © 2015 Ecobank. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.