(Ecofin Agency) - Arise B.V announced a $75 million investment in Lomé-based Ecobank group. With this additional funding, Arise B.V aims to reinforce the capital of its West African branches and support its loan activity.
“We are very supportive of ETI’s growth ambitions and its ability to increase financial services to Agri, SMEs & retail customers. Our investment will also strengthen the balance sheet of ETI and provide additional risk capital,” CEO Deepak Malik said.
This operation comes almost two years after Arise entered ETI’s capital by acquiring the 14.1% share previously held by the International Finance Corporation. The equity investor became the third major shareholder in ETI after Nedbank Group (21.22%) and Qatar National Bank (20.10%, as of the end of December 2020).
Arise B.V is active in more than 10 African countries with an asset portfolio of more than $960 million. Through its recent investment, the company strengthens its position in Ecobank which it considers "its main banking investment in Francophone and Anglophone West Africa."
The company was formed in 2016 through a partnership between Norwegian fund Norfund, the Dutch development bank (FMO), and the Dutch Rabobank.