Ecobank Nigeria and Deutsche Bank have entered into a memorandum of understanding to expand trade finance relationship. Under the MoU, Deutsche Bank will provide export credit guarantee program GSM-102 to Ecobank Nigeria. The bank’s offering of a GSM-102 program will guarantee credit to encourage financing of commercial exports of U.S agricultural products, while providing competitive credit terms to buyers. Ecobank Nigeria will use irrevocable dollar denominated letters of credit for the import of eligible agricultural products from the U.S while 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.
