Ecobank Group and Proparco have signed a new agreement. They will provide up to €300 million over the next three years. This money will support farming businesses and women entrepreneurs across Africa. The announcement came on Monday, May 11, at the Africa Forward Summit in Nairobi. The Summit was organised by France and Kenya. The two institutions signed a Memorandum of Understanding. This will increase lending to agricultural value chains. It will also expand support for women-led businesses through Ecobank’s Ellevate program. Proparco will offer financial tools. These include guarantees on loan portfolios and trade finance. This will help Ecobank lend more to small and medium-sized agricultural businesses in 33 African nations. The partners want to fix the lack of funding in Africa’s agriculture sector. Agriculture is a huge part of Africa’s economy. It makes up about 20% of the continent’s GDP. It also provides jobs for nearly half of its workers. However, it does not get enough financial support.
Jeremy Awori, the Chief Executive Officer of Ecobank Group, stated the partnership will send money. This money will go into areas that directly help people’s lives. It will also help the economy grow. He said, “Africa’s growth requires execution at scale.” He added, “Through this expanded partnership with Proparco, we are mobilising €300 million and directing it into agricultural value chains and women-led businesses supported by our Ellevate programme.” Françoise Lombard, Chief Executive Officer of Proparco, noted agriculture is vital for Africa’s future. She called it one of the most underfinanced sectors. She said this deal will back big solutions. These solutions will aim to improve food security. They will also make systems more resilient. The agreement aims to reduce inequalities, including those between men and women. This deal is very important now. Global tensions, higher energy prices, and expensive fertiliser affect food production. Supply chain problems also make things difficult across Africa. These issues make funding for agriculture a top priority.
As part of their new deal, Proparco will back Ecobank's loans to agri-SMEs. It will use its Impact+ and ARIZ guarantee programs. The target is to provide up to €100 million over three years. This collaboration will also aid companies involved in farming essential crops. They will get support for long-term investments and payments for daily operations. Proparco will also give guarantees to reduce risks. This will help Ecobank offer more financing to companies that trade farm products. This partnership aims to support up to €200 million for these agro-industrial and trading companies. The two organisations also signed a letter. This letter supports Ecobank’s Ellevate initiative. This program helps women entrepreneurs in Côte d’Ivoire, Ghana, and Kenya. The Ellevate program started in 2020. It gives women-led businesses access to special financial products. It also offers mentoring, training, business connections, and digital tools. Ecobank said the program now works in over 30 African countries. It has helped about 84,000 businesses. With Proparco’s help, Ellevate will now provide 12-month training camps. These camps will focus on business and financial management. They will be for 400 women entrepreneurs in Ghana, Côte d’Ivoire, and Kenya.