Banking

Ecobank opens 'China desk' to manage Africa loans

(Agencies)
Updated: 2011-04-07 12:31

ACCRA - Pan-African bank, Ecobank Transnational Inc, will open a China desk next week aimed at easing the flow of Chinese loans for African infrastructure projects, Reuters reported, citing?a bank official.

The desk will be located in Accra and include two Ecobank employees and two senior staff from the Bank of China, Henry Ampong, Ecobank's global account manager, told Reuters.

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"You'll see lots of funds being channeled through Ecobank for infrastructure projects especially in Liberia, Ghana and Sierra Leone where massive reconstruction is taking place," Ampong said.

"Africa is a strategic market for China and we are anticipating huge volumes," Ampong said, declining to give a forecast for the value of transactions. The desk will launch April 11, he said.

Ampong said the desk would also provide advisory, wealth management and corporate client account services.

Ecobank Ghana has already facilitated Chinese support for Ghana and other African countries in recent years, including a $600 million electricity project, according to the report.

Last year, Ghana signed a $13 billion loan facility agreement with China -- one of China's biggest financial commitments in Africa to date -- to fund energy, agriculture and transport projects.