Ecobank Clinches $10 Million For Trade Financing of Malawi's Strategic Commodities
The deal signing took place in Malawi’s capital, Lilongwe
- pic by Alex Banda
Ecobank Malawi has obtained a $10 million trade financing guarantee from Proparco, which will enable the bank to secure confirmation lines on Letters of Credit for the importation of strategic commodities like fertilizers.
In a media statement made available to Zodiak, the bank’s managing director, Dr. Raymond Fordwuo, said: “The emphasis on fertilizer underscores our commitment to supporting sectors crucial for Malawi’s economic development.
Fordwuo added: “by facilitating the importation of this strategic commodity, we contribute not only to the growth of businesses and the Agric sector; but also to the overall prosperity and well-being of the Malawian people. This initiative is a testament to Ecobank Malawi's vision of being a key player in fostering economic growth and facilitating Trade.”
The deal signing took place in Malawi’s capital, Lilongwe, in the presence of French minister of state Chrysoula Zacharopoulou, who hastened to say the deal with Proparco, a French development agency, aims at reinforcing ties between Paris and Lilongwe in achieving zero hunger under sustainable development goal (SDG 2).
“The project will have a positive impact on food security, poverty reduction, decent work and economic growth, thus contributing to the achievement of three sustainable development goals: SDG 1 (eradicate extreme poverty), SDG 2 (zero hunger) and SDG 8 (develop a universal partnership for development), said Zacharopoulou.
On his part, Regional Director for Southern Africa and the Indian Ocean at Proparco, Steven Gardon, says this will help strengthen economic resilience and food security in the country.
He said: “We are very pleased to extend our partnership with the Ecobank Group in Malawi. This project is in line with Proparco’s 2023-2027 strategy "Acting together for greater impact", which aims to improve access to economic opportunities and strengthen the resilience of local economic systems."
The signing ceremony took place in Lilongwe, in the presence of Chrysoula Zacharopoulou, French Minister of State for Development, Francophonie and International Partnerships; David Martinon, French Ambassador to Malawi; Audrey Rojkoff, Regional Director for Southern Africa of Agence Française de Développement (AFD) and Symon Msefula Board Chairman for Ecobank Malawi.
