{"id":8599,"date":"2024-05-19T00:13:33","date_gmt":"2024-05-19T00:13:33","guid":{"rendered":"https:\/\/sotnews.agency\/?p=8599"},"modified":"2024-05-19T00:13:33","modified_gmt":"2024-05-19T00:13:33","slug":"international-finance-corporation-ifc-and-ecobank-transnational-incorporated-to-support-trade-finance-in-seven-african-countries","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=8599","title":{"rendered":"International Finance Corporation (IFC) and Ecobank Transnational Incorporated to Support Trade Finance in Seven African Countries"},"content":{"rendered":"
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To promote trade and foster economic growth in Africa, IFC today announced trade finance facilities with seven Ecobank Transnational Incorporated (ETI) (www.Ecobank.com<\/a>) subsidiaries operating in Burkina Faso, Cameroon, Cote d\u2019Ivoire, Ghana, Malawi, Mali, and Togo.<\/p>\n

IFC\u2019s $140 million trade finance guarantee facility will help strengthen the participating affiliates\u2019 trade finance operations and leverage ETI\u2019s wide-spanning footprint in Africa to assist in developing new trade partnerships for businesses in these countries. Strengthening Africa\u2019s trade lines will help reduce the continent\u2019s reliance on imports and contribute to economic development.<\/p>\n

The trade line is part of IFC\u2019s $1 billion African Trade and Supply Chain Finance Program (ATRI), which is supporting Africa\u2019s regional trade development. IFC\u2019s trade finance facility for Ecobank was announced at the Africa CEO Forum, which convenes business leaders, policymakers, and investors to discuss economic and social issues and opportunities across the continent.<\/p>\n

\u201cOur partnership with IFC is a testament to our strong relationship with an important and longstanding partner. Establishing the Global Trade Finance Program supports Ecobank\u2019s goal to boost trade within Africa and help small and medium-sized businesses engage confidently in cross-border trade,\u201d said Alain Nkontchou, Chairman Ecobank Transnational Incorporated. \u201cBy removing financial barriers, we will leverage Ecobank\u2019s borderless payment platform and solutions to help businesses take advantage of the African Continental Free Trade Area single market.\u201d<\/p>\n

\u201cIFC\u2019s renewed partnership with Ecobank Group will facilitate access to finance for businesses in Africa, support economic growth, and boost job creation,\u201d said S\u00e9rgio Pimenta, IFC\u2019s Vice President for Africa.\u00a0\u201cPartnering with the Ecobank Group will enable IFC to support small businesses, many operating in environments where securing trade finance can be challenging.\u201d<\/p>\n

Under this partnership, IFC will also provide advisory services to Ecobank and its subsidiaries, with a focus on helping the banks boost their support for small and medium-sized enterprises (SMEs) and increase access to finance for businesses owned or run by women.<\/p>\n

IFC\u2019s Global Trade Finance Program (GTFP) extends and complements the capacity of banks to deliver trade financing by providing risk mitigation in new or challenging markets where trade lines may be constrained. Under the program, IFC has issued guarantees worth more than $100 billion globally to date. In financial year 2023 alone, IFC issued $9.1 billion, of which $3.5 billion was in Africa.<\/p>\n

IFC and Ecobank have a longstanding partnership supporting trade, business growth, and entrepreneurship dating back to 1993.<\/p>\n

Distributed by APO Group on behalf of Ecobank Transnational Incorporated.<\/p>\n

In Kigali:<\/strong>
\nHawa Seydou Diop
\nPhone: +221 77 515 08 12
\nE-mail: hdiop1@ifc.org<\/a><\/p>\n

Christiane Mbimbe Bossom
\nPhone:\u00a0 +228 22 21 03 03
\nE-mail: groupcorporatecomms@ecobank.com<\/a><\/p>\n

About IFC:<\/strong>
\nIFC \u2014 a member of the World Bank Group \u2014 is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.IFC.org<\/a> \u00a0<\/p>\n

Stay Connected<\/strong> with IFC on social media\u00a0(https:\/\/apo-opa.co\/4bIWCBO<\/a>)<\/p>\n

About Ecobank Group (or \u2018Ecobank Transnational Incorporated\u2019 or \u2018ETI\u2019):<\/strong>
\nEcobank Group is the private pan-African financial services group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, UK, UAE and China, its pan-African platform provides a single gateway for payments, cash management, trade and investments. The Group employs over 15,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels including digital, to over 32 million customers. For further information, visit www.Ecobank.com<\/a><\/p>

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To promote trade and foster economic growth in Africa, IFC today announced trade finance facilities with seven Ecobank Transnational Incorporated (ETI) (www.Ecobank.com) subsidiaries operating in Burkina Faso, Cameroon, Cote d\u2019Ivoire,… <\/p>\n","protected":false},"author":1,"featured_media":8600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-8599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/8599","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8599"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/8599\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/media\/8600"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}