By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Pan African lender, Ecobank Transnational Incorporated (ETI) said on Monday it has signed a $100 million loan facility agreement with European Investment Bank, according to the lender in an issuer’s announcement with the Nigerian Stock Exchange (NSE).

ETI says the facility is for a seven-year period and it will be used to provide some of its subsidiaries with additional lending capacity.

According to the pan African lender, the loan will also finance some of the Group’s strategic capital expenditures. “Ecobank continues to contribute positively to the African economy by increasing the levels of credit available to businesses while at the same time generating long-term value for its shareholders” the bank said.

 “This funding continues our relationship with the European Investment Bank. It will allow us to continue to consolidate our expanded operations and translate our scale and geographical footprint into added value for our customers. We shall use the financing to maintain credit provision in key economies in Africa thus contributing to the development of the continent,” Albert Essien CEO ETI said.