The Ecobank Transnational Incorporated (ETI) says it has signed a 175 million dollars (N26.4b) capital facilities agreement with the International Financial Corporation (IFC).

The management of the company told the Nigerian Stock Exchange (NSE) in Lagos on Tuesday that the agreement was signed on June 29.  He said that the agreement with IFC, a member of World Bank Group in Washington DC, “is in senior convertible, senior “non-convertible and subordinated loans”.

“The loans are to provide 18 Ecobank subsidiaries with additional capital to strengthen their balance sheets and boost competition,” the News Agency of Nigeria (NAN) quoted the company as saying.

The bank said that it would continue to contribute positively to the African economy by increasing the levels of credit available to businesses and households and generate long-term value for its shareholders.

The investment from the IFC will strengthen Ecobank”s capital base and enable the bank to consolidate and expand its operations and translate its new scale and footprint into value for its customers,’’ it said.