Ecobank Transnational Incorporated
Region and country of operations: Sub-Saharan Africa, Togo
Jurisdiction of registration: Togo
Business sector: Bank
Date of agreement (month/year): 6/2021
Finnfund’s financing: USD 10,000,000
Share of Finnfund’s financing: 2.9%
Instrument: Unsecured Tier 2 Sustainability Notes
Size of project/financing: USD 350,000,000
Environmental and social category: FI-A
Ecobank mandated Standard Chartered plc to arrange USD 300-500 million ten year Fixed Rate Reset Tier 2 Sustainability Notes issue to be allocated to fund green and/or social projects. This notes issue is the first benchmark-sized sustainable/green Eurobond and first Tier 2 Basel III bond from Sub-Saharan Africa (excl. South Africa).
Founded in 1985 and headquartered in Lomé, Togo, Ecobank provides consumer and commercial banking, corporate and investment banking to over 29 million customers, ranging from individuals, small and medium-sized enterprises, regional and multinational corporations, financial institutions, international organisations and governments. Ecobank is present in 33 African countries and employs over 14,000 people.
Main development impact
The net proceeds of the issuance of the notes shall be used to fund green and/or social projects according to the Issuer’s Sustainable Finance Framework. Majority of Ecobank’s operating countries are least developed countries (LDCs) where access to finance is improved by strengthening the Issuer’s capital base through Tier 2 capital.