Status: Completed investment
Back to map

Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

In case of questions

In case of questions, please contact us at


The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Incorporated in Lomé, Togo in 1988, Ecobank Transnational Incorporated (‘ETI’) is a leading pan-African bank with operations in 36 countries across the continent. It has the largest footprint in Africa, servicing over 19 million retail customers in countries in West, Central, East and Southern Africa. The Group also has a licenced operation in Paris and representative offices in Beijing, Dubai, Johannesburg, London and Luanda. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organisations, medium, small and micro businesses and individuals. Additional information on ETI can be found at

What is our funding objective?

The proceeds of the issue of the Notes will be used by ETI for general corporate purposes which will include the refinancing of a portion of ETI’s existing senior debt / maturing senior debt obligations.

Why do we fund this investment?

Through this investment FMO supports 1) small and medium-sized enterprises in some of the most underbanked countries in Africa and 2) the development of the Debt Capital Market (‘DCM’) in the African continent. By helping ETI to support job growth across Africa, including in Least Developed Countries, and by crowding in other investors, FMO aims to contribute to three of the Sustainable Development Goals: SDG 8 "Decent Work and Economic Growth", SDG 10 "Reduced Inequalities" and SDG 17 "Partnerships for the Goals".

What is the Environmental and Social categorization rationale?

ETI is classified as an E&S Category A in accordance with FMO’s Sustainability Policy. Overall, the E&S risk profile of the bank's portfolio is relatively moderate. However, due to the size of the bank, ETI is exposed to some high risk transactions which have potential significant and adverse environmental and social impacts. In 2018, Ecobank Group E&S unit managed a total of 110 transactions in sectors with significant E&S risks such as the extractive industry activities, mid & downstream oil and gas, heavy infrastructure construction, manufacturing, power generation/transmission/distribution, commercial real estate. The combined exposures to the severe (Medium B) and more severe (Medium A) E&S categories stood at 90, which corresponded to 81.8% of the total transactions screened. Only 7 transactions were assessed to be of high risk, which is 6.4% of the bank’s total E&S managed transactions at Group Office level. ETI is an Equator Principles signatory. The bank has developed an adequate E&S framework that can serve as a solid base on which further improvement can be build.

More investments

Date Total FMO financing
12/8/2023 USD 60.00 MLN
12/13/2021 EUR 0.10 MLN
6/10/2021 USD 50.00 MLN
7/22/2022 USD 50.00 MLN
7/22/2022 USD 5.50 MLN
Website customer/investment
Financial Institutions
Effective date
End date
Total FMO financing
USD 50.00 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)