Ecobank Nigeria and Deutsche Bank have signed Memorandum of
Understanding (MoU) to expand trade finance relationship.
Under the arrangement, Deutsche Bank will provide export
credit guarantee programme GSM-102 to Ecobank Nigeria. The bank’s offering of a
GSM-102 programme will guarantee credit to encourage financing of commercial
exports of U.S agricultural products, while providing competitive credit terms
to buyers.
Ecobank Nigeria will use irrevocable dollar denominated
letters of credit for the import of eligible agricultural products from the U.S
while Deutsche Bank will advise, confirm and negotiate these letters of credit
as well as provide post-shipment financing in accordance with the GSM-102
programme regulations.
Speaking on the deal, Managing Director, Ecobank Nigeria,
Jibril Aku said: “We look forward to expanding our relationship with Deutsche
Bank with this GSM-102 programme. Deutsche Bank’s export credit guarantee
service will offer a simple and efficient way for our importers to access
agricultural products in the U.S and strengthen economic and trade development
in the region.”
Head of Trade Finance, Financial Institutions, Western
Europe & Africa, Global Transaction Banking, Deutsche Bank, said: “We are
pleased to offer this programme to Ecobank Nigeria.” As a leading provider for
GSM-102 business in Africa, and in close coordination with the Commodity Credit
Corporation and the U.S Department of Agriculture’s Foreign Agricultural
Service, Ecobank Nigeria will benefit from Deutsche Bank’s strong global and US
footprint.”
Credit: thenationeonlineng.net
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