news - FMO and Proparco Anchor Inaugural Euroband Issuance by Ecobank Group

FMO and Proparco, the Dutch and French Development finance institutions are pleased to announce their participation as anchor investors in Ecobank’s inaugural $450 million Eurobond issuance.

As long time development partners of Ecobank Transnational Incorporated (“ETI”), FMO and PROPARCO lent strong support to the oversubscribed bond issuance. They affirmed the importance of developing the capacity of African companies to access international capital markets and noted the significance of ETI’s inaugural Eurobond as a compelling entry from the most geographically diverse financial services group in Africa.

The global offering is listed on the main market of the London Stock Exchange and matures in April 2024. Bond proceeds will be used for ETI’s general corporate purposes and to refinance existing obligations of the holding company.

On providing anchor investor support, Guillaume Barberousse, Head of Financial Institutions & Inclusion  of Proparco, stated : “Proparco is proud to once again partner with Ecobank Transnational Incorporated, alongside FMO. Acting as anchor investor of this inaugural Eurobond issuance reflects the ongoing commitment of Proparco to catalyse private funding in support to financial institutions acting in emerging markets”.

Peter van Mierlo, Chief Executive Officer at FMO said: “FMO is proud to participate as an anchor investor in this inaugural Eurobond issuance. Through this transaction, FMO strengthens its long-standing relationship and commitment to our well-reputed client ETI. FMO is pleased to be a significant contributor to the development of the African Debt Capital Market”.

The Group Chief Executive Officer of ETI, Mr. Ade Ayeyemi, commented: “We are gratified by the continued support of our development partners PROPARCO and FMO. It serves as an important affirmation that we continue to forge a successful path in building a strong and sustainable African financial services institution”.

About PROPARCO

Proparco is a subsidiary of Agence Française de Développement (AFD) focused on private sector development. It has been promoting sustainable economic, social and environmental development practices for 40 years. Proparco provides funding and support to both businesses and financial institutions across Africa, Asia, Latin America and the Middle-East.

It seeks to partner projects in key development sectors – infrastructure (with a specific focus on renewable energies), agribusiness, financial institutions, healthcare and education, etc. – and to boost the contribution of the private sector to achieving the sustainable development goals adopted by the international community in 2015. As a means to this end, Proparco finances businesses that are instrumental in creating decent jobs that pay decent wages, in supplying essential goods and services and in battling climate change. For more information, go to: https://www.proparco.fr/en - @Proparco