International Finance Corporation (IFC) and Ecobank Transnational Incorporated to Support Trade Finance in Seven African Countries

To promote trade and boost economic growth in Africa, IFC has announced trade finance facilities with seven subsidiaries of Ecobank Transnational Incorporated (ETI) operating in Burkina Faso, Cameroon, Côte d’Ivoire, Ghana, Malawi, Mali and Togo.

IFC’s $140 million trade finance guarantee facility will help strengthen the trade finance activities of participating affiliates and leverage ETI’s broad footprint in Africa to help develop new trading partnerships for companies in these countries. Strengthening Africa’s trade lines will help reduce the continent’s dependence on imports and contribute to economic development.

The trade line is part of IFC’s $1 billion African Trade and Supply Chain Finance Program (ATRI), which supports Africa’s regional trade development. IFC’s trade finance facility for Ecobank was announced at the Africa CEO Forum, which brings together business leaders, policymakers and investors to discuss economic and social issues and opportunities across the continent.

IFC’s renewed partnership with Ecobank Group will facilitate access to finance for businesses in Africa, support economic growth and boost job creation

“Our partnership with IFC is a testament to our strong relationship with an important and long-standing partner. Establishing the Global Trade Finance Program supports Ecobank’s goal of boosting intra-African trade and helping small and medium-sized businesses confidently engage in cross-border trade,” said Alain Nkontchou, Chairman of Ecobank Transnational Incorporated. “By removing financial barriers, we will leverage Ecobank’s borderless payments platform and solutions to help businesses benefit from the African Continental Free Trade Area’s single market.”

“IFC’s renewed partnership with Ecobank Group will facilitate access to finance for businesses in Africa, supporting economic growth and boosting job creation,says Sérgio Pimenta, IFC’s vice president for Africa“By partnering with the Ecobank Group, IFC can support small businesses, many of which operate in environments where obtaining trade finance can be challenging.”

Under this partnership, IFC will also provide advisory services to Ecobank and its subsidiaries, focusing on helping the banks increase their support for small and medium-sized enterprises (SMEs) and increase access to finance for businesses owned or run by women.

IFC’s Global Trade Finance Program (GTFP) expands and complements banks’ capacity to provide trade finance by providing risk mitigation in new or challenging markets where trade lines may be restricted. Under the program, IFC has issued guarantees worth more than $100 billion globally to date. In fiscal year 2023 alone, IFC will have issued $9.1 billion, of which $3.5 billion is in Africa.

IFC and Ecobank have been working together since 1993 to support trade, business growth and entrepreneurship.