By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Ecobank Nigeria announced it has signed a $20 million credit facility with Brazilian Development Bank (BNDES), according to a statement from the lender.
The facility will address special funding needs of customers and non-customers of Ecobank that import goods from Brazil the statement said.
BNDES, also known as National Bank for Economic and Social Development, is one of the largest development banks in the world, with financial net worth of $27.40 billion and total assets of $353.37 billion in 2013.
The statement quoted Foluke Aboderin, the executive director, corporate banking, Ecobank Nigeria, as saying that the partnership was driven by demands from customers and importers requiring competitive financing to purchase products from the international markets, particularly Brazil.
According to Aboderin, the partnership underscores Ecobank’s pedigree in trade financing in Nigeria.
“This partnership offers a seamless solution to companies that import goods from Brazil,” she said. We encourage all goods importers to avail themselves of the opportunity that this funding arrangement provides by approaching Ecobank. We expect it to generate a sizeable boost in trade flows between both countries,” she said.
Under the arrangement, importers and exporters negotiate export terms and conditions, and once commercial negotiation is finalised, the exporter or agent bank in Brazil submits the transaction to BNDES for approval.
The statement affirmed that the areas of interest for the import facility include agricultural products, engineering and construction equipment, oil and gas, industrial goods, electronics, and confectionary among others.
Ecobank as a world class lender has succeeded in providing solutions to corporate customers with subsidiaries across the region through Ecobank OMNI, an integrated e-banking platform that enables corporate clients to transact business from the comfort of their offices. Ecobank is also part of the NEXPORTRADE, a private-public partnership institution formed to drive the volume of trade within the region.
The statement further affirmed that the lender has also developed a regional business team whose focus is to provide easy market access to its customers across Africa as well as offer a fast, convenient and reliable cross-border payment solution based on scale. This has helped many investors, exporters and importers not only gain access to international markets but also assisted them in making payment for goods, and receive funds within the shortest period.
