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Ecobank Nigeria partners BNDES Brazil on $20 million EXIM Facility


News » Business
Nigeria

IMAGE: Ecobank Nigeria »

September.08.2014

Ecobank Nigeria has signed a $20 million line of credit with Brazilian Development Bank BNDES. The facility will address special funding needs of customers and non-customers of Ecobank that import goods from Brazil.

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 $27.40billion and total assets of $353.37 billion in 2013.

Commenting on the partnership, Foluke Aboderin, Executive Director, Corporate Banking at Ecobank Nigeria, said the partnership is 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.”

Under the arrangement, the executive director explained, 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 areas of interest for the import facility include agricultural products, engineering and construction equipment, oil and gas, industrial goods, electronics, and confectionary among others.

As a world class organisation, Ecobank 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.

Ecobank 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.

Article Credit: Businessdayonline

Updated 4 Years ago
 

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Tags:     Ecobank Nigeria     Brazilian Development Bank     BNDES     Foluke Aboderin    

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