9.5 C
Alba Iulia
Thursday, September 24, 2020

Ecobank Zambia receives USD 15 million from the Netherlands Development Finance Company (FMO) towards SME Support

Economy Ecobank Zambia receives USD 15 million from the Netherlands Development Finance Company...

ECOBANK MD Mr. Kola Adeleke.
ECOBANK MD Mr. Kola Adeleke.

Ecobank Zambia has received USD 15 million from its parent company Ecobank Transnational Incorporated (ETI).

This is part of a syndicated loan facility of USD200 million arranged by the Netherlands Development Finance Company (FMO) with other DFIs in support of Ecobank Group’s strategic development objectives for the pan-African Ecobank Group across its network of 36 African Countries.

The proceeds of the loan to be directed towards SME’s across various sectors of the economy.

Ecobank Zambia Managing Director Kola Adeleke said: “The USD15 Million investment by FMO into Ecobank demonstrates international investors’ approval and confidence in Ecobank’s strategy and prospects as a strong and sustainable pan-African financial services institution. It also demonstrates the ability of African corporates to access international capital markets.”

Ecobank Zambia will use this investment to give out loans to deserving small and medium entrepreneurs in Zambia to help boost their businesses and contribute towards the economic development of Zambia.

“Ecobank Zambia will continue to position itself as a key partner in SME development in Zambia. Although SMEs provide the majority of jobs, their access to finance remains limited. We believe that supporting SMEs will help stimulate economic growth due to the sector’s contribution towards the Gross Domestic Product and employment creation” Mr. Adeleke said.

13 COMMENTS

    • They once employed me and let me go. May the record be clear that this move is WONDERFUL!!! God bless the pan-african bank 😀

  1. This is awesome, supporting SMEs is not only good but it also promotes sustainable development, well done Ecobank Zambia, well done.

  2. Ecobank Zambia Limited is surely here to stay. The willingness to support SMEs is a smart move. This will surely contribute positively to the Country’s GDP growth.

  3. Ecobank Zambia Limited is indeed panaftrican and cares about the continents well being. The willingness to support SMEs is a smart move. This will surely contribute positively to the Country’s GDP growth.

  4. Can they please shed more details on how to access the funding and which sectors if any are being targeted

Comments are closed.

- Advertisement -
Loading...
- Advertisement -

Latest News

PF wants to disrupt President Lungu’s Trip to Monze so they can arresst HH, Nalumango

United Party for National Development (UPND) National Chairperson Mutale Nalumango has said that the party has unearthed a...

Government warns against succession wrangles as Chief Mukonchi is buried

Chiefs and Traditional Affairs Minister, Lawrence Sichalwe has advised the people of the Swaka chiefdom to remain calm following the death of Chief Mukonchi....

Encroachment in Namwala and Mumbwa Game Reserves Areas Worrying-Itezhi Tezhi District Commissioner

Government has bemoaned increased encroachment in Namwala and Mumbwa Game Management Areas (GMAs). Itezhi Tezhi District Commissioner, Isaac Nabuzoka said Namwala and Mumbwa GMAs have...

Government gets support from EAZ on Suspending Debt Payment

The Economics Association of Zambia has said that it is encouraged that the Zambian government has joined other countries in implementing measures aimed at...

Edith Nawakwi’s Lawyer Responds to HH, claims lacks sufficient particulars

FDD President Edith Nawakwi has responded to her UPND counterpart Hakainde Hichilema’s lawsuit in the High Court by asking for better particulars. Mr Hichilema is...

More Articles In This Category