Deutsche Bank, Ecobank sign MoU on trade financing
Under the terms of the MOU, Deutsche Bank will provide export credit guarantee programme GSM-102 to Ecobank Nigeria.
The bank’s offering of the GSM-102 programme means that it will guarantee credit to encourage financing of commercial exports of United States’ agricultural products, while providing competitive credit terms to buyers.
However, Ecobank will use irrevocable dollar-denominated letters of credit for the import of eligible agricultural products from the U.S.
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.
“We look forward to expanding our relationship with Deutsche Bank with the 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,” the Managing Director of Ecobank Nigeria, Jibril Aku, said
But the Head of Trade Finance, Financial Institutions– Western Europe and Africa, Global Transaction Banking, at Deutsche Bank, Ulf-Peter Noetzel, added: “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 U.S. footprint.”