Ratio Magazine :: The Inside Track to East Africa’s Economies - Press Releases: Ecobank Gets USD100m Equity Investment from IFC

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Press Releases: Ecobank Gets USD100m Equity Investment from IFC

Monday, 23 November 2009

Lome, 20 November 2009 --- IFC, the private sector arm of the World Bank Group, has invested USD100m in equity in Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group. The investment makes IFC one of the leading shareholders in ETI.

This investment is part of ETI’s ongoing capital raising, continued from 2008 when the company raised USD550 million in equity from an IPO, and USD150m in long-term capital from a number of development finance institutions, including IFC and FMO, the Netherlands development finance company.

The investment stems from a USD100m convertible loan that Ecobank secured from IFC in July 2008 to support its growth and diversification strategy in sub-Saharan Africa. “This substantial injection of capital is a strong indication of continued investor confidence in ETI,” says Arnold Ekpe, Chief Executive of the Ecobank Group.

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