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.”
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