EBRD Expands Africa Footprint, Eyes Trade Boost

The European Bank for Reconstruction and Development (EBRD) is significantly expanding its presence in Sub-Saharan Africa, launching new offices in Nigeria, Kenya, Senegal, Côte d’Ivoire, and Benin. Heike Harmgart, the bank's Managing Director for the region, is spearheading this strategic move, with plans to open additional offices in Ghana and establish a strong foothold across the continent.

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The Lagos office is the first of our five new countries of operation, namely Nigeria, Kenya, Senegal, Côte d’Ivoire and Benin. I am travelling from here to open the Dakar office next week, so Senegal is next. We will officially open our Nairobi office in September, while Abidjan and Cotonou will follow in October and November. By the end of the year, we expect to have opened offices in all five countries. Ghana will become the sixth office.

"We will officially open our Nairobi office in September, while Abidjan and Cotonou will follow in October and November," Harmgart stated. "By the end of the year, we expect to have opened offices in all five countries. Ghana will become the sixth office."

The EBRD has already committed roughly $500 million across various SSA markets in its inaugural year of operations. A key priority is aligning investments with the African Continental Free Trade Area (AfCFTA) to enhance intra-African and global trade. One of the initial steps in Nigeria was a $100 million trade finance line with Access Bank, designed to facilitate easier financing for Nigerian importers and exporters.

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On the African Continental Free Trade Area, supporting intra-African and global trade is one of our priorities. One of the first transactions we signed in Nigeria was a $100 million trade finance line with Access Bank. That facility will enable Access Bank to access confirming banks across Africa and internationally, making it much easier for Nigerian importers and exporters to obtain pre-import and post-export financing.

Harmgart emphasized that the EBRD complements rather than competes with existing development finance institutions like the African Development Bank and IFC. "We have very strong local operational teams," she explained, noting the rapid hiring of professionals across the continent. This localized approach, combined with substantial investment, aims to unlock private investment and foster economic growth in the region.

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On the question of competition, I would say we complement rather than compete with existing institutions. We have been investing in North Africa for the past 12 years, committing roughly $2 billion annually across Egypt, Morocco and Tunisia. When we entered those markets, people also asked why we were going there when institutions such as the African Development Bank and IFC were already present. Today, we invest about $2 billion every year there. There are three main ways we differentiate ourselves. Firstly, we have very strong local operational teams. Hamza and I only relocated from Cairo in October, yet we already have 16 staff in Lagos and have hired about 100 professionals across the continent. These are Nigerian