Ecobank Nigeria has been appointed as to partner United Kingdom Export Finance, UKEF, an export credit agency, to deliver £3 billion Direct Lending Facility, DLF, support to UK exporters. Other banks involved in the transaction are: Citibank, Bank of China, Barclays Bank Group, Deutsche Bank; JPMorgan Chase Bank Group; Royal Bank of Scotland Group and Lloyds Banking Group, among others. Ecobank is the only Nigerian bank.

Under the DLF, the agency is expected to provide loans to overseas buyers in order to finance the purchase of goods and services from UK exporters. It was learnt that loans are available to cover new international sales by any business exporting from the UK to any country where UKEF medium term cover is available and can be made in Pound Sterling, US Dollars, Euro or Japanese Yen.

David Godfrey, chief Executive of UKEF, said the organization is a key milestone in the delivery of the £3 billion Direct Lending Facility. Panel members cover a wide range of overseas markets, with complementary geographical strengths that will make it easier for UK companies to arrange competitive loans throughout a worldwide network.

“The reach will increase UKEF’s capacity to lend to overseas buyers of UK products and services. It will also provide a springboard to help us cater for the needs of a broad range of companies, in a variety of sectors, requiring loans of different sizes,” he said. Commenting on the partnership, Jibril Aku, managing director, Ecobank Nigeria described the appointment as a great feat. He stated that it was an eloquent testimony of the bank’s strides in international trade. “This international recognition is a great feat. It is a great privilege to have been selected alongside other global brands. This will help to enlist more local companies importing British goods,” Aku said