Ecobank seals Brazilian finance deal
from HENRY IFEANYI in Lagos, Nigeria
LAGOS – ECOBANK Transnational Incorporated, has announced a strategic $20million trade financing deal with the Brazilian National Bank for Economic and Social Development (BNDES).
A statement by the bank said the facility would address special funding needs of customers and non-customers of Ecobank that imported goods from Brazil.
The statement quoted the Executive Director, Corporate Banking, Ecobank Nigeria, Foluke Aboderin, as saying the partnership was 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,” she said.
Under the arrangement, 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.
– CAJ News
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