Ecobank gets US$200million boost

Kampala, Uganda | THE INDEPENDENT | Ugandan Small and medium enterprises banking with the Togo-based Ecobank Transnational Incorporated (ETI), have a chance to borrow part of $200 million, FMO, the Dutch development bank, has made available for SME growth across the continent.

Ecobank Group CEO, Ade Ayeyemi, said new transaction will greatly enhance the lender’s capacity to serve its SME clients.

A least 75% of the facility is expected to be directed to SMEs across various sectors of the economy. Ecobank has branches in 36 countries, including Uganda and the rest of other East African Community member states.

In line with the Ecobank Group’s strategic development objectives, at least 75% of the $200 million will be directed to SMEs across various sectors of the economy.

Jürgen Rigterink, CEO at FMO said the new investment gives an opportunity for SME’s to have access to credit and therefore stimulate their growth and is job creation and revenue generation.