Togo: ETG gets ease of $ 77.5 million from Ecobank
The Ecobank Group and ETG signed an agreement of “easy major” trade financing of $ 77.5 million multi-currency on Friday, 22 February 2013 from the Ecobank’s headquarters in the capital of Togo.
“Documented as a single financing with local operating conditions, this facility will provide capacity funding in local currencies in each of ETG’s subsidiary”, the company said in a statement.
The transaction was initiated by the Ecobank “Commodity Finance” team in London to allow ETG to “finance its trading of agricultural commodities in nine African countries”, it was said. This includes Uganda and eight countries in West Africa namely Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Nigeria, Niger, Senegal and Togo.