Ecobank secures $50m loan to expand network

African lender Ecobank Group has signed a $50 million loan agreement with French agency PROPARCO.

The loan which has a ten-year maturity will enable the Togo-based Group to expand its banking network.

“PROPARCO’s loan will allow Ecobank to strengthen its long-term resources and will support the development of its local banking network,” the bank said December 2, 2013 in a statement.

Ecobank operates in 35 African countries.

PROPARCO is a French development institution jointly held by the Agence Française de Développement (AFD) and public and private shareholders.

By Ekow Quandzie