The Ecobank Group and the AfricaÂ Â Export-Import Bank (Afreximbank)Â has signed a cooperation agreement that will enable deeper cooperation between both institutions in the areas of trade and project finance.
Afreximbank and Ecobank will cooperate in originating, structuring and financing trade and project finance opportunities across the twenty-eight African countries in which Ecobank operates.
Commenting on the agreement at the 2009 World Bank Group/IMF Annual Meetings in Istanbul, Turkey, where the agreement was signed on Monday the 5th of October, Jean-Louis Ekra, President of Afreximbank, said, â€œWe are particularly excited by the opportunity to work with the Ecobank Group, a pan-African financial institution with the largest banking footprint across Africa. This is a great opportunity for encouraging and promoting cooperation among financial institutions dedicated to Africa.â€
Arnold Ekpe, Chief Executive of the Ecobank Group, said, â€œWe welcome this partnership with Afreximbank, an institution thatÂ is dedicated to stimulating, and developing trade in Africa, including operations in some African countries that have found it more difficult to access trade finance. This cooperation agreement will allow us to do more together by pooling and leveraging on our combined resources.â€
Afreximbank and Ecobank have been working closely together for a number of years on trade and project finance opportunities across Africa. Both institutions have closed several transactions, and are pursuing various others as partners.