ETI Investement II (IFC-47911)

  • Africa
Geographic location where the impacts of the investment may be experienced.
  • Burkina Faso
  • Cameroon
  • Ghana
  • Ivory Coast
  • Malawi
  • Mali
  • Senegal
  • Togo
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 15, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Ecobank Transatlantic Incorporated
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Agriculture and Forestry
  • Communications
  • Construction
  • Education and Health
  • Energy
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee, Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 345.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 345.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 345.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Apr 1, 2024

Disclosed by Bank Feb 28, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the proposed project is a multi-currency financing facility in the aggregate amount of up to US$345 million to eight affiliates of Ecobank Transatlantic Incorporated, consisting of multi-country risk sharing facilities (RSF) and loan facilities to scale-up lending to small and medium enterprises (SMEs), including women-owned SMEs (WSMEs).
Countries considered – namely Burkina Faso, Cameroon, Côte d’Ivoire, Ghana, Senegal, Togo, Malawi, and Mali – are subjected to considerate SME and WSME finance gaps and challenging macroeconomic conditions characterized by high interest rates and tightening liquidity. The proposed project is expected to be processed under existing IFC programs, including the Small Loan Guarantee Program as well as trade facilities under the Global Trade Finance Program under the Africa Trade Recovery Initiative umbrella. 

The SME portfolios include exposure to sectors such as wholesale & retail trade, manufacturing, construction, services, agriculture, petrol distribution, telecom, non-banking financial institutions, and education.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

As stated on the project disclosure page, the Project entails limited adverse E&S risks and impacts that are few in number, generally site-specific, largely reversible and readily addressed though mitigation measures. The overall portfolio risk is thus considered medium, therefore the Project has been categorized as FI-2 in accordance with IFC’s Sustainability Policy.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, the eight ETI participating affiliates are majority-owned by ETI Group which is a leading regional financial services group operating in sub-Saharan Africa. ETI’s main shareholders are Nedbank Group Limited (21.2%), Qatar National Bank (20.1%), Arise BV (14.1%), and Public Investment Corporation (SOC) Limited (13.5%).

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Financial Intermediary - Ecobank Transnational Incorporated:

Sebastian Ashong-Katai - Group Head, Financial Institutions & International Organizations
Phone: +27 844012855
Address: Headquarters, Ecobank Transnational Incorporated 2365, Boulevard du Mono B.P. 3261, Lomé, Togo


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If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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