Ecobank Group and Proparco Groupe AFD have signed a new partnership agreement aimed at mobilising up to €300 million over the next three years to support agricultural value chains and women entrepreneurs across Africa.

The agreement was announced on Monday, May 11, at the Africa Forward Summit, co-organised by France and Kenya in Nairobi.

According to a joint press release, the two institutions signed a Memorandum of Understanding (MoU) to scale up financing for agricultural production, processing, and trade across the continent, while also expanding support for women-led businesses through Ecobank’s Ellevate programme.

Under the arrangement, Proparco will provide financial instruments including partial portfolio guarantees, co-financing, and trade finance support to help Ecobank increase lending to agricultural small and medium-sized enterprises (SMEs) in 33 African countries.

The partners expect the initiative to help close financing gaps in Africa’s agriculture sector—which contributes about 20% of the continent’s GDP and employs nearly half of its workforce—but remains significantly underfunded.

Chief Executive Officer of Ecobank Group, Jeremy Awori, said the partnership would direct capital into sectors that have a direct impact on livelihoods and economic growth.

“Africa’s growth requires execution at scale. Through this expanded partnership with Proparco, we are mobilising €300 million and directing it into agricultural value chains and women-led businesses supported by our Ellevate programme,” he said.

Chief Executive Officer of Proparco, Françoise Lombard, described agriculture as central to Africa’s future but one of its most underfinanced sectors.

She said the agreement would support large-scale solutions aimed at strengthening food security, improving resilience, and reducing inequalities, including gender inequalities.

The partnership comes at a critical time. According to the two institutions, rising geopolitical tensions, increasing energy prices, high fertiliser costs, and supply chain disruptions continue to place pressure on food systems across Africa, making agricultural financing a strategic priority.

As part of the partnership, Proparco will support Ecobank’s lending to agri-SMEs through its Impact+ and ARIZ guarantee programmes, with a target of mobilising up to €100 million over three years. The collaboration will also support agro-industrial companies involved in staple and cash crop value chains through long-term investment and working capital financing.

In addition, Proparco will provide partial risk guarantees to strengthen Ecobank’s financing for agricultural commodity traders, with the partnership targeting up to €200 million in support for agro-industrial and agro-commodity trading companies.

The two institutions also signed a commitment letter to support Ecobank’s Ellevate initiative for women entrepreneurs in Côte d’Ivoire, Ghana, and Kenya.

Launched in 2020, the Ellevate programme provides women-led and women-owned businesses with access to tailored financial products, mentoring, training, business networks, and digital tools. Ecobank said the programme currently operates in more than 30 African countries and has supported about 84,000 businesses.

With Proparco’s backing, the programme will now offer 12-month business and financial management training camps for 400 women entrepreneurs across the three countries.