LOME Togo (Xinhua) --
Ecobank Transnational Incorporated (ETI) and
African Export-Import Bank (Afreximbank) on Tuesday signed a MOU
purposed to finance private sector projects and trade
transactions in Africa.
A release from the
ETI headquarters in the capital Lome said on Tuesday that the
agreement will focus on particularly transactions involving
trade and investment in Afreximbank member countries where
Ecobank also has a presence.
It underscored that
the win-win collaboration between the two institutions would
support efforts on promoting intra-African trade, facilitating
industrial development and export development.
cooperation will strengthen African trade finance leadership,
with the ultimate goal of transforming the African continent.
According to the
documentation, Afreximbank and Ecobank will design joint
innovative and tailor-made financial instruments and solutions
to support private sector corporates and select strategic public
sector institutions, as well as small and medium enterprises.
initiatives include the creation of a 500-million-U.S-dollar
program dedicated to financing trade in Afreximbank member
countries where Ecobank conducts banking business.
“It is a cooperation
that will lead to a more efficient way of channeling trade
finance towards supporting growth of intra-African trade and
industrialisation”, Ade Ayeyemi, Ecobank Group’s CEO said.
Benedict Oramah, President of Afreximbank, the collaboration
thus established opens up more opportunities for African
businesses to access much-needed financing for their trading
to trade finance remains one of the greatest obstacles to
Africa’s economic development,” he lamented.
Afreximbank is the
foremost pan-African multilateral financial institution devoted
to financing and promoting intra-and extra-African trade.
Cairo, Egypt, it was established in October 1993 by African
governments, African private and institutional investors, and
Transnational Incorporated (ETI), incorporated in 1988 in Lome,
Togo, is the parent company of the pan-african banking group
Ecobank which is currently operational in 36 African countries.