Ecobank Secures $200m Loan To Fund Climate Ambitions

 Ecobank Secures $200m Loan To Fund Climate AmbitionsEcobank Secures $200m Loan To Fund Climate Ambition

December 10, (Fire nation reporters) – Ecobank Transnational International (ETI) as sealed a deal that will avail $200 million in sustainability-linked loan to the lender, the Lomé-based banking group said Friday.

The group of five European Development Institutions are Proparco, Norfund, FMO, DEG and EFP.

The credit, said to be the first of its kind to a sub-Saharan African financial institution, is to back Ecobank Group’s sustainability and climate strategy and also includes a climate action plan.

The duo of Proparco, which also is the lead arranger of the facility, and the German consulting firm IPC will offer advisory support to ETI’s teams to actualise the targets, according to a statement by ETI.

“Over the years, Proparco and Ecobank Group have continuously reinforced their partnership through Proparco’s provision of numerous loans, bond subscriptions and risk-sharing facilities including for trade finance to ETI and its subsidiaries, aimed at providing access to finance for underserved segments,” the document stated.

A similar move in June 2021 saw ETI raise Tier 2 sustainability notes valued at $350 million, with June 2031 set as the maturity date of the bon.