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.