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.
This is good news for the Pan African Bank and its customers
They once employed me and let me go. May the record be clear that this move is WONDERFUL!!! God bless the pan-african bank 😀
Well done Ecobank
Wonderful bank .. one of the best banks in the country.
Awesome news Ecobank. SMEs will benefit greatly from this funding.
This is awesome, supporting SMEs is not only good but it also promotes sustainable development, well done Ecobank Zambia, well done.
A real Pro African Bank,helping support the development of Zambia through financing SMEs.It couldn’t have been more timely.Kudos to Ecobank.
Wow!!! Very well done Ecobank. So proud of this African Bank run by Africans!!!!
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.
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.
some good news i am hear after while… stop depending on these chinese give debt…
Ecobank please do not involve the politicians in this money for the SMEs
Can they please shed more details on how to access the funding and which sectors if any are being targeted