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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.
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.
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%).
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
Email: Sashong-katai@ecobank.com
Address: Headquarters, Ecobank Transnational Incorporated 2365, Boulevard du Mono B.P. 3261, Lomé, Togo
Website: http://ecobank.com
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